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Real story: refinancing

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Family cuts $6,000 off their interest bills in the first year after refinancing

 

ACT family saves 6,000 in first year after refinancing

Vik Sundar, a Director at an ACT law firm was suspicious he was paying too much for his two home loans but had put it in the ‘too hard basket’ for some time.

Vik and his wife had taken out two separate loans on two properties through NAB.

“I had never re-financed or considered re-financing before,” Vik said.

“At one point I contacted my Business Banker and requested that they review our interest rate, but was told that we had already been given the best possible rate. Given that all of our other personal and business accounts were also with NAB, it seemed like too much hassle to move the loans.”

After becoming suspicious that NAB wasn’t giving him the best deal, Vik decided to stop in to Yellow Brick Road Ainslie to talk through his situation with one of the Wealth Managers.

“From our very first dealing with Yellow Brick Road, everything has been fantastic. Michael and his team at Ainslie did a comprehensive analysis of our existing loans and showed us immediately the savings that we could make by refinancing. He gave us clear options and outlined the immediate and long term benefits. They managed the entire process and went above and beyond to drop documents off to us after hours. They kept us informed throughout the process and have continued providing advice and support even after the loan has been refinanced,” Vic said.

The family was very surprised to find out their interest saving alone saved them approximately $6,000 in the first year.

“We were definitely surprised by how competitive the interest rate we switched to is, especially since we were told by our bank that they couldn’t offer us anything better. We intend to utilise these savings to allow us to pay off the loan much sooner,” Vik said.

“I’d advise anyone to not put it off or not to stick it in the too hard basket. It is a relatively simple process when you have someone managing it for you. Over the life of the loan, the savings from refinancing are significant.”

With a new baby on the way, Vik and his wife are happy to be saving more and making a dent in paying down their loans.

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