- Real Estate
It pays to regularly review your mortgage
Current Australian mortgage interest rates are at near 30 year lows, although there are signs that rates will rise in the medium term. 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 2017, and contrast it to your own arrangements to ensure that you remain competitive.
- Interest Rate - 4.53%
- Ongoing Fee - $Nil
- Loan Establishment Fee - $250
- Interest Only Repayments available (if required)
- Additional Repayments can be made at any time with no penalty
It costs absolutely nothing, apart from some time, to have a qualified mortgage broker review your existing mortgage and 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. There are no fees associated with the service, the lender pays all broker fees in Australia.