The Problem
While researching the current situation and loan options for a young homebuyer whose parents were going to be the guarantors, I noticed the parent’s current interest rates for their loans were very high – some were abnormally high. A few quick questions later and it was obvious that their previous broker hadn’t conducted a loan review for over 3 years.
The Findings
After browsing over their income and financials details, it was revealed that they were able to receive a more suitable loan option that offered a more competitive interest rate compared to their current loans. This was going to save them in excess of $13,000 per year in interest alone! Going over the original contracts, it was discovered that some of the fees for refinancing were not disclosed correctly, so a further $2,500 was saved in waived fees.
The Solution
[/frame_right]The client has now completed the entire process of refinancing. They are now in a better position, where they are all with one lender and this is saving them a large amount of interest. Their new interest rate across all facilities was reduced by 2% per annum.
As a client of mine, they will receive annual reviews and loan checks, and constant updates to ensure they are always in the most suitable position for their situation.
Why pay more when you don’t have to?
Get a loan review now!
