Sponsored How much is your old home loan really costing you?

How much is your old home loan really costing you?

More and more borrowers are giving false information when applying for a home loan. Photo: Getty
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Like another A Star is Born remake, sometimes it’s good to boot out the old and welcome the new. You’ll experience renewed enthusiasm, big twists and turns, and Bradley Cooper or Lady Gaga – whichever takes your fancy.

When it comes to home loans, finding a new one could actually save you serious dosh. If you’re sinking your money into a high revert rate or paying for a loan with features you don’t need, you should look into making the switch.

Yes, it will take time and research. But even a small saving on your loan rate can put big dollars back in your pocket over the long term. What are you waiting for?

The paperwork’s making you go Gaga

With these sorts of savings up for grabs, you have to wonder: why don’t more home owners refinance?

There’s no avoiding the fact that home loan applications mean forms and admin. And look, for some of us, that sounds like heaven. But if you prefer to spend your down-time ‘socialising’ and ‘doing leisure activities’, the paperwork required to refinance a loan might be hard to prioritise.

Remember, you’ve done it before, for your first loan. Some of the original info you gathered might still apply and the rest shouldn’t take too long to find.

Refinancing is easier than you think

The thing is, a paperwork phobia is not a good enough reason to stay with your current loan. Anyway, sometimes you just need a really good pen. Try it.

Though other fees may still apply, the banning of exit fees on variable home loans in 2012 made refinancing affordable. It can be especially budget-friendly with a lender like ME, where you’ll pay no home loan application fees (solicitor, valuation and agent fees may apply).

And because our ME mobile banking managers love paperwork , asking them to compile what you need is like giving them an early birthday present.

You’re not sure what you need

Home loan products are always changing. What you signed up for ten years ago might not even exist anymore. Understanding the jargon and knowing what will work for you might seem overwhelming.

Advice is available. Your lender will be able to walk you through the alternatives based on your individual circumstances. They can help you pick the home loan rates and added extras that will make refinancing worthwhile.

ME keeps it simple

Unlike some lenders, ME makes things easier by offering just two options – our Basic Home Loan and our Flexible Home Loan . You can use our Refinance Calculator to see how much you could be saving, or check out our Loan Comparison Calculator for an apples-for-apples view of how much different loans will cost you.

And our paperwork elves – sorry, ME mobile banking managers – can help with comparisons, too. We can crunch the numbers on your behalf to let you see how much you could save by refinancing. Too easy.

Refinancing may seem complicated but there’s help at your fingertips. Switching to a new product could mean a better rate and huge savings in the long-term, or new features to help you pay down your loan faster. Face your fear and buy a new ring-binder. It’s worth the investment.

Terms, conditions, fees and charges apply. Applications are subject to credit approval.

This article originally appeared here.