At Mozo, we like to keep it real. Saving money is tough. Keeping to a budget isn’t easy. And let’s face it, no one wants a home loan, all you want are those four brick walls and a place to park your car.
And it looks like many Aussie homeowners feel the same way, as a recent survey by Athena found that 79% of Aussies said they would switch lenders if it meant they could pay off their home or investment sooner, while 57% of Aussies felt that their lender didn't want them to pay off their loan sooner.
“It’s in the banks interest to keep customers in debt as they make more money. We took a different view at Athena and listened to what customers actually want, which is to be debt free. We want to help them achieve that,” said Athena CEO, Nathan Walsh.
“Our goal is to get customers a great home loan, and then help them get rid of it. After all, time is money.”
So we decided to put it to the test.
Say you’re five years into a 30 year, $400,000 mortgage with monthly repayments of $1,921.21 and the average variable interest rate of 4.04% (correct at the time of writing). If you were to refinance to a loan with a variable rate of 3.34% but kept up with the same monthly repayments, you’d pay off the loan 4 years earlier!
And the good news is, there are a few other ways to pay off your loan quicker, like having the option to make extra repayments and minimal fees.
So if you’re one of the Aussies ready to make the switch to a lender that’s all about helping you pay off your loan sooner, check out some current offers below.