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A recent report has indicated 40 percent Australians don’t know the interest rate they are paying on their home loan and potentially losing thousands of dollars to ignorance.

According to research, two out of three Australians procrastinate when it comes to making financial decisions, leaving for tomorrow, what should have been done today! Yes, while you might feel temporary happiness in putting away that budget for another day or ignore the rate you are paying on your mortgage for another month, delaying financial decisions can significantly impact your pocket, adversely.

 
Compare home loans to save more
 

For example, you must have read several stories of people switching home loans to make considerable savings. However, have you taken the initiative of reviewing your own mortgage to save some precious dollars?


Crunching the numbers

A few basis points off your mortgage rate could lead to significant savings for your pocket. Yes, it might sound fantastic, but even half a percent reduction in your home loan interest rate could translate into thousands of dollars in your wallet.

For example, on a standard home loan of $300,000 (30-year term), switching the rate from 5 percent to 4.5 percent would reduce the loan amount by $32,547.22 (calculate your savings using this online repayment calculator). That means over $90 extra in your pocket each month! Incredible, isn’t it?


Compare home loan deals online

Do you think your current interest rate is competitive? If your answer is yes, step back and take a deep breath. You might be in for a rude shock. Yes, if you are paying anything over 4 percent to your lender, it is likely you are being overcharged at a time when hundreds of savvy Australians are switching to more competitive deals available in the market.

But don’t worry. Help is at hand with HashChing, Australia’s first borrower-friendly online mortgage marketplace.

HashChing, founded in 2015, enables home buyers to save precious bucks on their mortgage through a network of verified brokers who have access to home loan deals from over 60 lenders across Australia. Homebuyers can use the platform to compare broker-negotiated rates that could be almost one percent lower as compared to lender advertised rates offered on other comparison sites. Home buyers can also connect with mortgage brokers to have their queries answered online, making it possible to find low-interest rate home loans that are in line with their individual requirements.

The service is absolutely free and thousands of home buyers have benefitted from lower repayments by using the comparison tool.


Getting a mortgage is as easy as 1,2, 3…

Getting a competitive mortgage is quick and easy. HashChing customers get the privilege of choice without having to fill out lengthy paperwork on their own. Whether you are looking for a fresh home loan or a refinancing deal, partner with HashChing to save time and money. We put you in touch with verified mortgage brokers in your area, at a time convenient to you, who do all the spadework on your behalf while you focus on stuff that matters to you!

HashChing, aimed at creating a more transparent lending environment, enables homebuyers to make informed decisions by providing them easy to use online calculators, property reports, blogs and online broker assistance, free of cost.

If you are looking for a home loan deal – don’t just go to any comparison site featuring lender advertised rates but start by comparing broker pre-negotiated deals here.

Own your home sooner with HashChing.

 

By Vidhu Bajaj,
HashChing Content Writer

 

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HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.

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