All the latest news, facts and tips from the team at Pioneer Credit Connect

Oct 16

Are you Paying Too Much For Your Home Loan? Stop!

by Matthew Ikin
Low Interest Rate

Are you Paying Too Much For Your Home Loan? Stop!

Want to find out if you are paying too much on your home loan? I’m sure you’ve got things you’d rather spend your hard-earned money on! Now is a great time to see if you can get a better offer by refinancing.

Refinancing your home loan is where you switch your current home loan from one lender to another with the outcome of lowering your interest rate and accessing better suited features. Switching to a new home loan is about providing you, the customer, with the greatest amount of benefit and is also a great way to achieve your financial goals through being able to save money or to pay your mortgage off sooner.

Save money with a lower rate

The concept is simple: a lower interest rate on your mortgage means that more of your repayments each month go towards paying off the principal loan and the interest. Interest is calculated at a rate on your remaining balance, meaning that a lower rate means less interest needing to be paid. Alternatively, this money saved could be used towards paying the mortgage off sooner, resulting in you owning your investment sooner.

Get access to special features

When refinancing, it is best to consider the special features that accompany the home loan, not just the interest rate. The decision between choosing one lender over another may come down to the discretionary savings or benefits that each of them provide. The most useful features to consider: changing repayments, redrawing, different rate options and portability. For more information on these features see our Refinancing Guide.

Let us compare your current home loan against others in the market and find you the most competitive deal. Connect with us today for a free, no-obligation discussion to see how much you could save here. Or feel free to call Pioneer Credit today on 1300 015 133