OPINION: Simply keep your loan repayment at its original level – what you have long been used to repaying – to slash both your interest and the time left on your loan
Hi Nicole. Thanks for your encouragement in a recent article to haggle mortgage rates with our bank. I was able to get a 1.1 per cent discount from our existing loan with ME Bank. Being on aged pensions, with $60,000 left to pay off, it may improve our chances of home ownership before we die and in time to enjoy a few extra dollars. We were able to get an interest-rate reduction from 4.72 per cent to 3.62 per cent.
Well done you, Brian! And what cheek to not give you this discount from the get-go… although ME Bank is certainly not alone in this "don’t-offer-unless-asked" pricing policy. The"up-stumps-but-still-stump-up strategy" can save you thousands in mortgage interest over the life of the loan.Now, I don’t know for how much your loan was originally, which dictated your minimum monthly repayment. But with $60,000 left, assuming you have not accelerated repayments and have so far held the loan for nine years , it may have been $80,000.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Leaked letters reveal Solomon Islands discussed $US100 billion loan from Chinese businessmanSolomon Islands Finance Minister Harry Kuma has confirmed that the leaked letters showing him in discussions about a possible $US100 billion loan are authentic.
Read more »
Vatican archives of 'Hitler's Pope' to open, sparking intense interest from historiansSome Jewish groups and historians say Pius, who was pope from 1939-1958, stayed silent during the Holocaust and did not do enough to save lives.
Read more »
'I needed to help': Bushfires spark unprecedented interest in RFS membershipMum-of-two Layla Harris says devastating bushfires made her want to join the Wallaby Joe RFS brigade who were forced to battle the blazes with only 10 members.
Read more »
'We got enough problems with South Korea': Donald Trump mocks Parasite's historic Oscar winParasite made history when it became the first foreign-language film to win best picture at the Oscars, also taking home original screenplay, director for Bong Joon Ho and best international film.
Read more »
‘Absolute scenes’: Aussies bulldoze rivalsAustralia have returned to South Africa for the first time since the sandpaper scandal and left the local crowd up in arms.
Read more »
What secrets do the Vatican archives hold about Pope Pius XII?There is intense scholarly interest in the World War II-era pope and his record during the Holocaust.
Read more »