‘Complacent’ borrowers missing out on fixed-rate-mortgage savings

 · 75% of Borrowers Could be Missing Out on the Opportunity to Pay Less for Their Mortgage! 23 Dec 2016 New research shows that 75% of borrowers could be missing out on the opportunity to pay less for their mortgage .

Chart 1: Housing Loan Rates for Owner Occupiers vs cash rate4 "Australian borrowers are being short changed by a staggering annual sum, missing out on $10 billion in savings each year – despite the best efforts of the RBA to put the brakes on rates in an effort to boost the economy."

Unfortunately, lenders have also responded to the bad news on inflation – by pulling the best fixed rate mortgage deals. But that stand-off has led to borrowers missing out on some great deals. For.

New Home Applications Soar as Mortgage Rates Plummet January Mortgage Rates Plummet as Applications Soar; Facebook Share.. lower insurance premiums, and lower interest rates. If you’re thinking about buying a new home this year, our mortgage bankers can walk you through the benefits and risks.. endorsed or guaranteed by Plains Commerce Bank.

The example he provided was a borrower who entered into a mortgage prior to the global financial crisis at 7-8 per cent. At a variable rate, their mortgage repayments may now fall below 4.5 per cent.

Three in four homeowners missing out by not switching mortgages. December 1, 2016. An example of possible savings is someone with a £150,000 mortgage over a 25-year period. At a variable rate of 4.5%, the monthly mortgage payments are £833.75. By switching to a 1.74% variable rate mortgage, borrowers could pay £624,16 a month, which is £.

RateCity spokesperson Michelle Hutchison said many borrowers are missing out on big savings because of complacency and naivety. "It’s easy to feel complacent when home loan rates have been falling and lenders have passed on most of the savings to variable borrowers, but this is in fact the best time to refinance your home loan," she said.

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What is FIXED-RATE MORTGAGE? What does FIXED-RATE MORTGAGE mean? FIXED-RATE MORTGAGE meaning Start studying Money & Banking Test 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.. banks became complacent about making mortgage loans because.. So you take $500 out of your checking account an put it into a money market deposit account. What is the.

‘Complacent’ borrowers missing out on fixed-rate-mortgage savings abc.net.au At some banks, fixed-rate mortgages have become cheaper than variable home loans due to uncertainty in the market, but many borrowers are are not taking advantage, according to one comparison website.

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