Newsletter
May 2012 Newsletter
Is it time to review your bank's performance? We think so!
On the back of the recent RBA announcement and following on from the many market analysts who always comment about the banks and their approach to funding, here is a quick quip from Mark O’Donoghue of our finance division, Fidelity Finance Group (FFG):- “On the subject of rates, when is a bank like a mobile provider? When they don’t tell you they have a cheaper mortgage product than the one you are on! It’s time to think about your mortgage in the same way as you do with your mobile phone plan – suspiciously! How many of us have had the experience of getting a massive mobile phone bill only to find out that your provider has a plan which is far cheaper ? Considering your home loan is probably the largest debt that you will ever have and for most of us it’s paid in “after tax” dollars, any ongoing savings can really add up. If we can understand that many banks save their best rate offerings to attract new clients, it is a very worthwhile exercise to keep a constant watch on what your bank is offering in the market, as well as what is available from other mortgage providers. A saving of just .25% on a $500,000 mortgage over 10 years is $12,500, so it is worthwhile keeping constant watch.” If you need help with your business or home loans, why not call and get the team at FFG to investigate a better deal from your existing or another lender.Call us on 9212 0799