According to the Australian Bureau of Statistics (ABS), the average mortgage size in Australia hits $500,000 ( in December 2019). Depending on where you live, this may sound like a lot – or very little – and that’s because the state or capital city you live in has a major influence on the size of your mortgage.
And also, according to Finder, the average variable mortgage interest rate people pay is 3.99%. (October 2020)
However, the lowest variable rate available on Joy Finance is 2.48%*. (With offset account, fixed rate starting from 1.99%*)
So we used these numbers and our Loan Comparison Calculator to calculate how much Australians could save.
For the 30 years loan term, loan 1 will save $145,113 on interest in total. We have assumed that ongoing monthly fees is $10 per month and upfront loan approval fees is $250. Because both are not intro rate, so we keep both intro rate and ongoign rate the same. And loan 1 monthly repayment is $1,980.41 while average australian is paying $2,384.19 per month.
Do you want to find out how much you could save? Is it time to switch? Book a free consultation with our broker now.
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At Joy Finance, we assess the goals and needs of our clients and find a solution that is tailored to their needs. We select the most suitable loan product out of 1000 different loans, that perfectly fits our clients’ personal / business goals. We partner with the best real estate agents, accountants, lawyers to help our clients in applying for the right loans. At Joy Finance, we work around your schedule. Our mortgage broker is available to assist you between 9 AM -9 PM, 7 days a week and respond to email within 24 hours. Give us a call today or apply online for a free consultation.