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Refinancing without Boiling the Frog

Refinancing without Boiling the Frog

Wednesday 01 May 19

You have heard of the proverbial frog in the kettle. Being cold blooded, it doesn’t realise the temperature is changing as it slowly goes up. He sits there contented until his eyeballs turn white and he is boiled and ready to be served up in a French restaurant!

That’s how it is with many people and their mortgage. Every week we have several people who come to us looking to save money on a loan because it’s the only way they can afford it. For every one of those there would be a hundred sitting at home on the sofa while their mortgage eats away their earnings. They still make enough money to be comfortable, but just think of what a difference that could be made.

If you are paying 1% extra on your mortgage, over the life of a $400,000 – 30 year loan you could pay an additional $85,000. In addition to that, if you didn’t get it through Grace Loans, then you could be missing out on a 0.15% pa commission rebate. That part does vary from lender to lender, but in this example it brings the total savings to $96,900. Several pay even more after three years!

Tell me, do you think you could come up with something that you could use that extra hundred grand for?

Naturally every person’s situation is different, but if you don’t currently have an interest rate below 4% you need to talk to us about it. You don’t even have to slide out of the sofa – just give us a call on 4905 0250.

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Grace Loans is a division of Grace Financial Services. James Massey and Bethany Massey are Authorised Credit Representatives of BLSSA Pty Ltd, , Australian Credit Licence number 391237. Authorised Credit Representative nos. GFS: 472092, James: 472093 & Bethany: 513202. Content of site may not be fully up to date as lenders are constantly changing their loans and policies. Any advice provided on this website is of a general nature not taking into account your personal objectives and situation. Such matters are important to consider prior to taking any action. Please make an appointment to discuss your specific situation so that appropriate advice may be given with regard to suitable products using current information.