With interest rates by some lenders on the rise, now is the time to review your mortgage to make sure you’re getting the best rate. A simple chat with Blackburne Mortgage Broking could save you thousands!

With interest rates by some lenders on the rise, now is the time to review your mortgage to make sure you’re getting the best rate. A simple chat with Blackburne Mortgage Broking could save you thousands!

Right now we are seeing relatively small changes mainly to fixed rate loans, but all of the major banks have taken action.

There are a couple of small lenders who have tested the waters with variable rate increases and it’s anyone’s guess as to if and when the major banks will follow suit.

So what should the average mortgage holder do?

If you have not had your financial position reviewed in the last twelve months, we can’t stress enough how as little as a simple phone call may equate to saving you a significant amount of money in interest.

Anyone who has not touched their loans for at least a year is most likely to be on an old rate. There are two probable outcomes as a result of a review for those who fall into this category.

1. Full restructure

For those who are looking at a full restructure to get on the best rate possible and perhaps take advantage of the great incentives that banks are offering, then a refinance is a great option given there are some sharp deals still in the market.

Blackburne Mortgage Broking’s fine-tuned processing makes the experience a seamless one, making the refinance transfer smooth and effortless.

2. Ask us to contact your lender

For those who just love their lender so much that they cannot bear to part with them or who simply cannot refinance due to current circumstances, our brokers can still work some magic.

Leveraging off our status as Premium Brokers with most banks, Blackburne’s Mortgage Brokers are having great success in approaching lenders on a client’s behalf and simply asking for a better rate.

Even a slight reduction now will help mitigate the fallout from possible rate increases. This is a quick, efficient and an extremely popular alternative for clients not wanting a refinance.

Putting it in perspective, even a simple 0.5% reduction on an average loan size of $350,000 equates to $1,750 per annum in interest savings. Would you say “no” to that?

Quite simply, if you have not reviewed your loans and their structure in the last twelve months then you are most likely missing out on lost interest savings.

Almost all of the clients who have come to us for a review recently are now enjoying savings on their home loan. If you want to be next, contact Blackburne Mortgage Broking contact us on mortgagebroking@blackburne.com.au or call +61 8 9429 5794 and ask to speak to Paul Prindiville, Team Leader.