How to Start Saving Money on Your Mortgage Today
Everyone has been talking about mortgages for the last 12 months – ever since COVID-19 arrived, the topic of home loans has been constantly in the air.
From mortgage holidays to interest rates falling to record lows, it’s been a huge year for the finance industry.
It’s also been a huge year for you as a borrower, which is why my question for you is: when was the last time you checked your home loan interest rate?
If you haven’t taken a look at your home loan since 2019, then there’s a really good chance you’re paying too much for your mortgage.
This is because rates have fallen and banks and lenders are being more competitive than ever to try and get your business.
There are some big differences between packaged variable versus basic variable interest rates at the moment – and if you make the switch, you stand to save a lot of money.
What are the best home loan deals on the market today?
The answer to this question quite literally changes daily, but at the time of writing we are able to secure fixed home loans for our clients with an interest rate as low as 1.99%, and variable rates are also very low.
When I talk about packaged variable loans versus basic variable interest rate loans, you might not think there’s much of a difference.
The two loan products do sound very similar, but they’re actually really different.
A basic loan is just that – it’s a loan with no bells and whistles. You can’t save money in an offset account to reduce the amount of interest you pay. You can’t redraw money from your loan, if you make extra payments.
It’s a simple, no frills home loan and it’s quite popular with first home buyers or those borrowers who doesn’t want to pay extra features – they just want to pay their home loan off as quickly as possible.
A packaged variable loan comes at a cost, usually around $400. But for that fee, you get:
Banks are very competitive right now, with many of them even offering big cashback incentives to get your business.
We have lenders on our books who are offering between $2,000 and $4,000 as a bonus for you, if you refinance your loan with them.
Every bank has a different policy and loan criteria, which is where we can help. If you are thinking of refinancing and want to take advantage of lower interest rates or a great cash back offer, contact us today and we’ll see how we can help you get into a new loan that saves you money.
Why Are Rates Rising?
WHY ARE RATES RISING?
Can you remember back to November 2010: Julia Gillard was Prime Minister, Brad and Angelina were still a happy couple and The Donald as Leader of the Free World was still a funny joke on The Simpsons? It was also the last time the Reserve Bank of Australia raised the cash rate, to 4.75%. A lot has happened since then, including plenty of interest rate cuts: the cash rate now stands at 1.5% – a historical low. So why are the big banks, such as Westpac, hiking their rates for homeowners?
Avoid a Settlement Valuation Nightmare
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Jargon Busters
The world of finance is full of jargon!!! We are here to bust it for you with our list of commonly used financial terms and their meanings If there’s a financial term you’d like us to clarify, shoot us an email to admin@zippyfinancial.com.au or head to https://zippyfinancial.com.au/contactus. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Real Estate Jargon Busters
Last year we busted the jargon around finance and so this year, we thought we’d do some busting of those real estate terms and we see so often. The world of real estate is packed full of jargon so let’s take a look at what it actually means… If there’s a term you’d like us to clarify, shoot us an email to contact@zippyfinancial.com.au or head to https://zippyfinancial.com.au/contactus. A B C D E F G H I J K L N O Q R S T U V W X Y Z
Would You Like To Clear Your Mortgage Sooner?
So, if you’ve found our blog, then it’s highly likely that you either have a home loan, or are considering one. And whilst it’s an exciting process as you begin your journey to home ownership, that excitement is short lived and soon replaced by the general “joy” of having to repay a home loan and thoughts of how to repay it sooner.Would You Like To Clear Your Mortgage Sooner?
Would You Like To To Pay Off Your Mortgage Sooner?
Would You Like To To Pay Off Your Mortgage Sooner? Your home loan is probably the biggest investment you will make in your life, and a debt that most people would like to pay off as quickly as possible. But how achievable is that? Here, we’ll look at just some of the key ways to pay off your mortgage sooner ….. 
Joint Tenants Or Tenants In Common?
Joint Tenants Or Tenants In Common? When you are buying property you have the choice of choosing “Joint Tenants” or “Tenants in Common”. It’s really important that your Conveyance contains the correct instruction confirmed in writing so this article explains this in a little bit more detail …
3 Warning Signs of a Bad Tenant
We’re sure you’ve heard the horror stories about bad tenants from landlords. From missing rental payments to leaving the property a total mess; these types of tenants are the scourge of property investors who are only trying to secure their retirement. This blog post explores 3 of the signs of a bad tenant for you to be on the look out for ….
Sydney Homeowners Staying Put For Longer
Sydney Homeowners Are Staying Put For Longer According to a recent article by John Mcgrath published by Switzer Daily, Australian homeowers are staying put much longer than in previous years with Sydney homeowners having an average tenure of over 11 years!
Putting The Fun Into Finance
Finance needn’t be dull! At Zippy Finance, we pride ourselves on not just professionalism, experience and great customer service, but our ability to put the FUN back into finance. And if you’ve met our commander in chief Louisa, you’ll have seen her sassy style and amazing sense of humour in action…….Putting The Fun Into Finance
What Would You Rather Spend Your Money On?
It’s the great Australian dream to buy your own home, right? It certainly seems to be for those of us living on Sydney’s North Shore, but maybe not for all Australians! According to a recent article published in AustraliaNews, new research has revealed that buying a home is perhaps not on the top of everyone’s list…… What Would You Rather Spend Your Money On?
Want To Save Money? Refinance Your Mortgage Using A Mortgage Broker
With interest rates so low at the moment, everyone should be re-looking at their mortgage and trying to save themselves some money. But why don’t they? Because they don’t have time, or they think it’s too much hassle. So why not get someone to do the work for you, and use a Mortgage Broker? After 25 years in the Finance Industry, it never ceases to amaze me how many times I meet new people who aren’t fully aware of what a Mortgage Broker actually does. So, I thought I would enlighten you and explain the role of a Mortgage Broker…….Want to Save Money? Refinance Using A Mortgage Broker
How To Use The Equity In Your Home To Finance An Investment Property
The idea of property investment is very enticing to many of us but it is unfortunately often overlooked because of the mistaken belief that it is only within the reach of the affluent. The truth is that with the right finance, planning and strategy an investment property may be easier to attain than you think….. How To Use The Equity In Your Home To Finance An Investment Property
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.
