Every month I like to provide 1 or 2 examples of recent deals – bear in mind it isn’t always about the best interest rate – it’s often about which solution or structure is best for you and your plans.
See what I mean from the client testimonial from one of my recent clients.
If you’re a person that get’s paid bonuses or commissions – i.e. you have lumpy payments – it may be better for you to be with a bank that allows large lump sum payments on top of your regular payments or it might be better to have a flexi facility to complement your fixed facility. The point being – there’s a lot more to it than just the best interest rate……but we can get those too!
Recent Client Example:
$1.3M of lending and an LVR of approximately 78%
“Lumpy” income – large commission component on top of high base salary
Proposed solution involved a lender that allowed up to 5% per annum to be paid as a lump sum onto their fixed mortgage facility (on top of regular payments)
Rates secured of 4.09% for 1 year
Cash Contribution paid of $8,000 to the client
I get calls all the time from people asking me if I think they are getting a good deal. 9/10 times I will be able to review and either structure their lending in a way that will help them pay off their mortgage faster or save money by accessing a better rate.
Often, it’s smarter to break your fixed rate early and refix at a lower rate – often there is no cost to do this and even if there is, it can be worth paying the break fee to access the lower rate.