Are you paying too much interest?
Although most home buyers and property investors will enjoy the benefit of the Reserve Bank's aggressive interest rate cut - not all banks are passing on the cuts in full.
The RBA's cut of 100 basis points to 4.25 per cent should produce an average saving on a $300,000 loan of almost $200 a month.
But Westpac have announced it was passing on just 80 basis points while the ANZ is passing on only 83 basis points out of 100.
With 300 basis points (3%) being slashed from interest rates since September it is now more important than ever to check your home loan to see if you are paying too much interest.
Despite the credit squeeze the home loan industry in Australia is as competitive as ever. Yes, the banks have reviewed their credit policies to ensure that borrowers are more able to repay their home loans, however, at the end of the day they are running a business and they need to continue lending money to ensure their business survives.
By knowing what to ask for, and how to ask, you can take advantage of the current financial climate and save yourself thousands of dollars off your home loan.
www.HowMuchInterest.com.au have put together a quick, easy and FREE way of getting an independent opinion on whether or not your interest rate is too high.
They carefully select the industries best, fully accredited, mortgage professionals to give you an honest, independent and obligation free review to ensure your interest rate is not too high.