Did you know it may be possible to save tens of thousands of dollars in interest and cut years off your loan term?

You may be surprised by the difference a rate drop can make to your home loan repayment outlook.

Thanks to the RBA’s decision to cut rates in November, borrowers are feeling rate relief for the first time in over two years. This will undoubtedly ease the financial tension and repayment levels for many Aussie borrowers in time for Christmas.

Assuming lenders pass on the entire 0.25 percentage point cut, it will equate to $50 less in minimum monthly repayments on a 30-year $300,000 mortgage at 7%.

If a borrower on the above mentioned loan ignores the rate cut and continues paying at their ‘usual’ repayment level, the extra $50 per month would eventually save them around $22,000 in interest and almost two years off their loan term.

Imagine what can be achieved if the loan had an even lower interest rate and/or fees!

Online shopping is a growing trend when scouting for better deals on insurance, travel, clothing and now home loans. The question is are you going to make savings from the recent rate cut by comparing online your current loan to others in the market to see if a well suited and better priced option exists?

Compare 100s of Home Loans and get your results instantly using our 2 Minute Home Loan Comparison >>