Refinance To Save
The Age
Tuesday May 28, 1996
A SURVEY of 1000 Aussie Home Loan customers who refinanced loans of between $60,000 and $100,000 has found they stand to make an average saving of $12,000 over seven years according to its managing director, Mr John Symond.
The survey was conducted after figures revealed almost 50 per cent of Aussie Home Loans business was refinancing existing home loans.
Mr Symond said increased competition in the home-lending market had started a trend to review the traditional home loan.
He said while the average saving was $12,000, some borrowers were achieving savings in excess of $20,000.
``People are becoming more demanding of their home loans, " Mr Symond said. ``In addition to a competitive interest rate, borrowers also want flexibility to ensure home-loan facilities can be altered to suit changes in lifestyle."
``The long-term period of a home loan will see the needs of a family change and borrowers want to be able to access extra funds which may be needed for renovations, maintenance or emergencies."
He said Aussie Home Loans offered a standard variable rate of 8.9 per cent with a range of features.
© 1996 The Age
Share This