Hi Nicole, You often write about refinancing away from the big-four banks and the cheap interest rates offered by some others in the mortgage market. To be honest, I just haven’t been able to be bothered doing it. It seems complicated and there appears too many traps. Hoping you can provide me with some financial motivation and some shortcuts to help get the job done! Sandra.

Hi Sandra. Money talks, as they say, so let’s start there.

There are some great mortgage deals on offer with much lower interest rates, providing you are prepared to refinance.

There are some great mortgage deals on offer with much lower interest rates, providing you are prepared to refinance.Credit:Stephen Kiprillis

You don’t say the size of your mortgage, which is key, so I will assume it is the average amount that is refinanced today, according to the Australian Bureau of Statistics, of $441,725. If it is more, you will save more.

You also don’t say which bank, so we will use what data house Mozo says is the average mortgage interest rate – 3.6 per cent for a big-four discounted rate (which comes on packages for which you have to pay an annual fee of about $400).



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