At Mynt Financial, we strive to help our clients save both time and money. Recently, our Senior Lending Specialist Tanya was reviewing a client’s lending portfolio consisting of their home loan and two investment properties. Her first step was to negotiate with the existing lender for a rate reduction, but unfortunately, they were unyielding.
Undeterred, Tanya proceeded to order valuations with another lender to assess the Loan to Value Ratio (LVR) of the properties. This enabled the client to qualify for Refinance Cashbacks, with two of the properties being valued at less than 60% LVR, resulting in a cashback of 4k each, and the third being valued in the 60-80% LVR range, which meant a further 2k. Overall, the client received a total of 10k Refinance cashback by moving to this new lender.
While cashbacks can be enticing, we always ensure that the new lender and product are a good fit for the client’s circumstances. In this instance, the new lender was able to provide a lower interest rate of 5.29%pa for the existing home loan (down from 5.44%pa) and 5.79%pa for the investment loans (down from 6.09%pa). This alone saves the client over 3,400 per year in interest payments.
Partnering with a broking firm that has access to over 40 lenders and thousands of products provides a distinct advantage. Our experienced brokers possess in-depth knowledge of lender policies and go the extra mile to ensure our clients receive the best service possible.
To find out how we can help you save money, contact Mynt Financial for a free, no-obligation home loan health check today.
