SAVINGS FROM REFINANCING
Based on a mean owner-occupier paying principal and curiosity who has not renegotiated their fee because the begin of the hikes.
* The borrower could be paying an rate of interest of 6.11 per cent.
* Four lenders are providing charges beneath 4.75 per cent.
* If the borrower had $500,000 debt and 25 years remaining on their dwelling mortgage at the moment, and so they switched to a fee of 4.75 per cent they might see their fee drop 1.36 proportion factors.
* Their month-to-month repayments would go down by $405, however there could be change charges to contemplate (round $1150 in whole).
* The borrower would save $12,000 within the first two years of refinancing.
(Source: Rate City)
Source: www.perthnow.com.au
