This 40-hour home loan sale could change your life
Paying off a home loan can be an exhausting, demoralising and sometimes even an intimidating task. It’s not all doom and gloom however. Australians now have a rare opportunity to find a better deal, which could see them saving up to $39,000.
RateCity’s Switch and Save Sale is Australia’s first industry home loan sale, which will see lenders slashing fees, offering cashbacks and cut-price home loan interest rates – including the lowest available on the market from Reduce Home Loans.
RateCity Money Editor Sally Tindal says the sale has the potential to liberate a whopping $1.98 billion worth of home loan value away from the big four banks and ultimately put $222 million back into the pockets of everyday Australians.
Ms Tindal says, “Our research shows that the average mortgage holder with a big bank could save up to $39,000 on a 15-year loan. That’s thousands back into your pocket, instead of your bank’s.
“To participate in the sale, all you need is some basic information about your current mortgage such as interest rate, loan size and property value.
“In less than a minute, you can plot a new path to mortgage freedom.
“There are no up-front obligations, and customers have up to 30 days to take advantage of the discounted offer, provided they register within the initial 40-hour sale.”
Ms Tindall said the climate was ripe for refinancing.
“With banks putting up rates out of cycle, alongside comparatively low wages growth, mortgage repayments are starting to pinch.
“Switching to a more competitive home loan is one silver bullet that’s staring us in the face.
“Refinancing isn’t as hard as people might think. Yes, there’s a bit of paperwork involved, but lenders are more than happy to do the heavy lifting for new customers.
“And for a return of up to $39,000? That’s a pretty good hourly rate,” she said.
The RateCity Switch and Save Sale runs for 40 hours, from 6am Monday May 8, to 10pm Tuesday May 9. For more information or to register interest, click here.