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Big Savings For Loan Re-financers

Borrowers in Australia are refinancing their mortgages at record rates as repayments become more expensive. Before making the switch, experts suggest that borrowers contact their current lender to negotiate a better rate.

An analysis by RateCity showed that a borrower with a $1 million mortgage could save $29,800 over three years if they got a 1% reduction in their rate.

Even a 0.25% cut could save $7,466 over three years. Pure Finance managing director Brendan Dixon encourages borrowers to make a phone call to negotiate a better interest rate, as they can easily save thousands of dollars.

 In the 489 reviews conducted by the company in 2022, the average discount was 0.26%, which worked out to a saving of $101.65 per month.

“The scope of savings depends on how big the loan is and how bad the interest rate is,” says Dion. “But it would be pretty easy, if they took a loan out two years ago, to save thousands rather than hundreds.”

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