Mortgage Broker Kingscliff
Davies Home Loans can help with loans for almost any Australian Property but we like to focus on the QLD Gold Coast and NSW Northern Rivers areas. Sometimes a story about a particular suburb and particular person can help people understand what makes us different.
People are creatures of habit and we tend to take the easy path. In particular bank/credit union/building society advertising is everywhere, TV, radio, and there are branches of a couple of them in every town. Often it is just plain easier to go with them even if it costs more. But how do you keep them looking after your interests as time goes by, are they giving you the same rate that they offer new customers? This is where a loan review can help. But how does it all work? And how can our Mortgage Broker Kingscliff help you? We think it is easiest demonstrated with an example (names have been changed for privacy reasons).
Jack and Jill have a great home in Kingscliff, but they are renting and now they want to buy their own place. They have an investment property in Sydney with a big 4 bank. They finally agreed to let a friend gives us their phone number to do a “home loan heath check”.
The first step that out mortgage broker Kingscliff does is a 15min phone call to gather some basic information and to book a meeting. The basic information includes contact details, employment information, financial data, and most importantly what they hope to achieve with their loans and what they want from a lender. With this information our mortgage broker Kingscliff is able to conduct a basic initial analysis and bring this to the first meeting. In the case of Jack and Jill, whilst there were other lenders with lower rates than their current bank, the service proposition they desired would not have been met as well by a different bank.
Rather than look at leaving their current bank, we approached that bank and sought a better rate. With the leverage of a potential future loan and the risk that failing to be competitive with Davies Home Loans could trigger a move to a different bank. We were thrilled to achieve a reduction in the investment loan rate that resulted in a $140 per month saving and a similar saving on the future loan.
Whilst $140 per month does not seem like much, it all adds up. At face value this is $1,680 a year which our mortgage broker Kingscliff believes is better in your Christmas hamper than boosting bank profits. But to really put things in perspective, if they were to make additional payments to their future loan of $140 per month, this would save approximately $45,000 of interest on a $300,000 loan and reduce the term by nearly 5 years! And they didn’t even need to change banks or pay any money to Davies Home Loans.
Needless to say they were happy for the friend’s great advice to chat with Davies Home Loans’ Kingscliff mortgage broker.