The easiest $50,000 you’ve ever made

Did you know that choosing the wrong credit card and home loan could cost you over $5,000* each year in extra interest and fee charges?

Over 10 years that adds up to a whopping $50,000. Imagine what you would do with an extra fifty thousand… how about a second honeymoon in the French Riviera, swimming pool for the kids, a sparkling new gourmet kitchen, or why not go all out and line the closet with wall to wall Manolo Blahniks?

Now before you start planning that once in a lifetime around the world trip, you’ll first need to find out which products are best for your situation. Luckily, Mozo’s Rate Chasers have done most of the time-consuming work of gathering data, interest rates and fees of Australia’s major and online lenders so that in a few clicks you’ll have all the info you’ll need, including how much you’ll save by switching so that you can start planning that holiday pronto.

Steps for switching home loans.

1. Get a copy of your current home loan statement. You’ll need the following info:

  • your provider

  • product name (or current interest rate and fees)

  • loan amount

  • current monthly repayment

  • approximate value of your property

2. Click here to start crunching your savings by comparing your home loan with the market using Mozo’s Award-winning Switch & Save calculator.

3. Review and shortlist your results.

4. Click on the blue “go-to-site” button next to the product listing on Mozo of your shortlisted providers. You will be taken direct to the lender’s website to fill out a secure online application or talk to one of their lending experts directly.

5. Processing times of banks/lenders vary but expect it to take up to 8 weeks to switch home loans.

6. Once you switch your loan to the new lender, put the savings into your mortgage offset account or a high interest savings account and start planning that holiday.

Steps for switching credit cards.

1. Get a copy of your latest credit card statement. You’ll need to know:

  • Bank / provider

  • product name (or current interest rate and fees)

  • your average monthly balance

  • balance transfer amount (if applicable)

  • estimated monthly repayment

2. Click here to start crunching your savings by comparing your credit card with the market using Mozo’s Award-winning Switch & Save calculator

3. Review and shortlist your results.

4. Click on the blue “go-to-site” button next to the product listing on Mozo of your shortlisted providers. You will be taken direct to the lender’s website to fill out a secure online application

5. Processing times of lenders vary but some will give you an approval within 15 minutes.

6. Once you switch your credit card to the new lender, keep your repayments high so that you can pay off your debt faster. Once you’ve paid it all off, you’ll have extra cash each month that you can transfer into a high interest savings account. Now for the fun part, start planning that holiday. You’ll deserve it!

More switching tools

If you have a personal loan or a car loan, Mozo can also help you to Switch & Save. Click here to switch personal loans or check out our car loan switch & save calculator.

*Based on the difference between the annual cost of the home loans and credit cards with the highest and lowest interest rates on mozo.com.au (26/2/2014) assuming an average Austraian mortgage and credit card balance. Source: Australian Bureau of Statistics (December 2013) and moneysmart.gov.au

The easiest $50,000 you’ve ever made was last modified: March 11, 2014 by Mozo

Share This Post

Post Comment