Anthony and Christina had been with their bank ever since they bought their house in 2012. They had got the best fixed rate deal at the time and they assumed they were on the best rate and were happy with their bank.
When they approached us in 2019 to help buy an investment property, we realised, that for the past 5 years (since their fixed rate expired)- they had been paying well over 1.5% over what the prevailing ‘best rates’ were!
They never got a call or even a message from their bank to help reduce their outgoings. We were quickly able to move them to a lower rate, thereby reducing their monthly repayments by $7000 annually plus pocketing a $4,000 refinance cashback, making it a net $11,000 gained in the first year.
They have learnt not to become ‘mortgage prisoners’ with any bank now, and we regularly check on their portfolio to ensure they are constantly saving money on their repayments.