Zippy Financial Zippy Financial

Can you remember your home loan interest rate?

It’s a fair bet that your home loan repayments are one of your biggest household expenses, yet it is surprising how many borrowers haven’t kept up with what their home loan rate currently is. 

report by Mozo shows that 42% of mortgage holders have no idea what interest rate they are paying on their home loan. And it is an oversight that can cost homeowners dearly.

How does your loan rate shape up?

It is not just that a large number of borrowers can’t pinpoint their loan rate. Mozo also found one-in-five homeowners has never compared rates since taking out their loan. 

Your home loan may have had a competitive rate back in the day, but in a rapidly changing mortgage market, that may no longer be the case. And with the cash rate at its highest since late 2011, there is little room for complacency. 

For a quick check of how your home loan rate stacks up, head to your latest loan statement to find out what it is. It should show the rate that you are paying, or call us and we will let you know. 

By way of comparison, the average home loan interest rate for owner-occupiers is currently 6.4% and 6.3% for new home loans, according to the Reserve Bank of Australia

Why it pays to regularly review your home loan

Staying on top of your home loan is not just about the rate you pay. Your loan might have been the right choice for you a few years ago, but our lives evolve, and your mortgage may not have the features you need for your current lifestyle and budget. That’s why it is worth taking a close look at your loan at least annually, or whenever you experience a major life change such as starting a new family. 

Understanding how your home loan is performing for both rate and features is easy. Speak to us about a home loan review. As part of our review, we can let you know:

  • The rate you are paying
  • If your loan offers the features you want; and 
  • Whether you could save by refinancing. 

Is refinancing right for you?

If you have been wondering if you could do better on your home loan, give us a call today to discuss your refinancing option. We will help you work out if refinancing is the right step for you and how much you could save by switching to a new loan and/or lender. 

Phone: 1300 855 022

Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.

About the Author:   

Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilises her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.   

Connect with Louisa on Linkedin.   

Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).

Disclaimer:This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial. 

Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.