Big Bank Switch – Interest Rate vs. Product

Big Bank Switch – Interest Rate vs Product

Big Bank Switch – Interest Rate vs Product – Don’t get suckered into changing Banks just because of a cheaper interest rate.

Big Bank Switch – Interest Rate vs Product

Would you prefer to have a Home Loan @ 6.99% that took 30 years to repay and had your money working in the Banks favour?

OR

Would you prefer to have a Home Loan @ 7.19% that took 25 years to repay and had your money working in YOU’RE favour – not the Banks?

Option 2 would save you 5 years in the loan term but more importantly over $100,000 in Bank Interest over the life of the loan.

This is based on a $300,000 loan @ 7% interest over 30 years. And if the rates went higher you would save more Bank interest.

Big Bank Switch – Interest Rate vs Product

Can you imagine what you would do with an extra $100,000 in your Superannuation account at retirement… I know I would rather have that money in my back pocket intead of the Banks.

Big Bank Switch – Interest Rate vs Product

So before you decide to refinance your Home Loan make sure that you simply don’t chace the lender who has the cheapest interest rate. I can guarantee in a years time, another lender will have a cheaper interest rate than the one you switched to…

Interest Rates are inportant when making your decision but you need to weigh up the features and benefits of the product being offered along with the service you can expect.

Regards

P.S. Thank you for reading my Big Bank Switch – Interest Rate vs Product page and I look forward to hearing from you soon.