02 October 2013

Saving Interest on Your Home Loan

Approximate $ Savings:    For me - $1,146 p.a.

Around the same time every year I reassess our home loan. I look at the interest rates different banks are offering and then call my bank (one of the big 4), explain that as a family we are looking at ways to cut back our spending and ask if they can match their competitors rates. I explain that we've been loyal customers for a number of years and that we don't want to refinance with another institution which is why I'm calling them first. Last time I called they agreed to cut our rate giving us an annual saving of $1,146! Not bad for a couple of phone calls and a few minutes filling in paperwork.
Contributed by Erica Avenell

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