Some people might say you’re away with the pixies to imagine you can just sit at home on your favourite stoop, making money while doing little more than watching the grass grow north, the Sun meander east to west, and the Tawny Frogmouth descend south to your letterbox, but this wealth-amassing fairy tale can swiftly become reality thanks to one magic word, refinance.
And right now, with a glorious summer set to arrive, it’s the perfect time to ensure any spare dollars floating round the universe are stacking up in your coffers rather than someone else’s. So, with that in mind, you’ll be pleased to know there are several competitive refinancing options available.
AT SHORE FINANCIAL, WE CAN OBTAIN THE FOLLOWING VARIABLE RATES:
Owner-Occupied – 3.49%
Investment – 3.69%
There are many Australians paying more than 50 basis points above these rates, which means they’re simply wasting money that’s rightfully theirs or, as I like to say, and this is a rather technical economics term, they’re being silly billies. To put this “basis points” jargon in concrete terms, here are two examples with a loan of $1,000,000.
IF YOU’RE CURRENTLY BORROWING
$1,000,000 @ 4.00% = $4,775/mth
Interest over 30years = $718,696
$1,000,000 @ 3.50% = $4,491/mth
Interest over 30years = $616,561
The 50 basis points reduction afforded you via the refinancing yields an interest saving of $102,135 over 30 years. Easy money.
If you’re interested in making $100k, contact James Leader at Shore Financial on 0450 029 418 or email jamesleader@shorefinancial.com.au