How Much Interest Are You Paying?

Author – Graeme Salt

We are coming to the end of the financial year; this is when many Australians complete their tax returns, look at their mortgage statements – and realise they are being ripped off by the banks!

If, when completing your tax return, your accountant sees that the interest rate on your mortgage begins with a 4, they should be asking you why?

Right now, there are a number of lenders, who are offering very low rates.  One Big Four bank is offering 3.59 per cent!

Sure, many of these loans are owner occupied.  But there are also some very sharp investor rates out there.

And, some lenders are structuring loans so that you get an investor loan at owner occupied rates.  How would you like an investment property, where the interest rate begins with a 3?

Plus, some of the majors are offering you cash just so you move your loan to them.  Typically, they will offer $1,250 for every property you take to them.  That will more than cover your accountant’s fees.

So, as you are pulling together the information for your tax return, double-check what interest rates you are paying.  Then, call Origin Finance on 1300 30 67 67