What can you do with the money you save?

What can you do with the money you save?

In an earlier blog I talked about comparison rates and what they mean when choosing a home loan. In this section we want to explore the importance of comparing home loans.

Customers who come to loans.com.au are pretty savvy and a lot of them have done their numbers before they even contact us. We suggest that our customers definitely do their own research to see how much they can save by switching home loans. There are a lot of calculators publically available, including our comparison calculator on our website.

If you have been with your bank for a while, you pay your repayments each month, and don’t really think about what it’s costing you. To be honest, when you get into a routine you don’t really think about how much you are paying. It’s just a sum of money that gets taken out of your bank account each month.

Loans.com.au was lucky to exhibit at the recent Melbourne Home Buyer and Property Investor show last week. We were so excited to meet so many different people at our stand who talked about their current situation and we spent a lot of time with these customers working out the savings they could make by re-evaluating their current home loan.

What we found was astonishing! People could save thousands of dollars per year if they made the switch to a more competitive home loan product. We met lots of people who realised that the money saved could go towards making other dreams come true – whether it be buying a new car, going on a well-earned holiday, buying another investment property or even doing that house extension they’ve been talking about.

It was such a positive response from so many customers at a time where not many other lenders out there are willing to talk about what their interest rates are.

We then went a step further and asked customers to enter a draw and write down what they would do with the money they would save by switching home loans. I thought I’d share some of the winning answers that were voted in as favourites by the loans.com.au team:

1st Prize
“Buy my dream house with my dream loan with my dream cleaner.” A.E. – North Sunshine, Victoria

Runners Up
“I would renovate my dream home to create a room dedicated to my shoes & handbags.” RC – Ringwood, Victoria
“Take my wife to New York for some retail therapy before we renovate.” PG – Essendon, Victoria

Honourable Mentions:
“Have a kick arse 40th in Vegas next year.”
“What I’d do with the money? I’d go for a trip, and fix up the dunny.”
“Go on a family cruise with lots of pink bubbly & pink boa’s.”

So to get back on topic, it might sound simple, but it’s alarming that so many people put up with paying a higher rate of interest just because they always have. It sometimes takes a change in personal situation to make you think about the alternatives.

When looking at a home loan, it is important to consider what you can do with the money you save by choosing one lender over another.

If you are ready to switch, apply online for a home loan with us or give us a call on 13 10 90.

By Marie Mortimer. You can follow Marie on Google+

Image credit: TaxRebate.org.uk

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