- Real Estate
It pays to regularly review your mortgage
Current Australian mortgage mortgage interest rates are at 30 year lows. Typically, Australian expatriates once overseas rarely review their mortgage arrangements; usually on the presumption that is just "too much of a hassle" and, particularly if they are on variable mortgages, presume that their mortgage payments will remain competitive. This is sometimes true, but more often not if you have been overseas for a considerable period.
Banks rely on consumer inertia, when in fact arranging a review of your mortgage and refinancing is neither difficult or costly - mortgage broker fees in Australia are paid by the banks and in fact some banks are currently offering refinance rebates which will often more than cover the refinancing costs. Compare the mortgage product below, available as at April 2015, and contrast it to your own arrangements to ensure that you remain competitive.
· Interest Rate – 4.40 to 4.60% (depending on the loan amount)
· Ongoing Fee - $395 per annum
· Loan Establishment Fee - $100
· Interest Only Repayments available if required
· Additional Repayments can be made at any time with no penalty
· 100% Offset Account Available
It costs absolutely nothing, apart from some time to have a qualified mortgage broker review your existing mortgage, to ensure it is competitive - the savings can be quite considerable and can result ineither lower monthly payments or an ability to pay off loans faster. Many expatriates also qualify for professional packages which were not been available or overlooked at the time loans were established.