According to the ABS, the average Australian home loan is around $371,000.
Based on a simple interest calculation, saving 1.0% on a home loan will save $3710 per year on interest payments. Over a 10 year period, this will be $37,100. Over a 30 year loan term, this will be $111,300.
If you live in some of the more expensive capitals, your loan could be double this figure. So on a larger loan of $742,000 over 30 years, saving 1.0% on the rate will save you a massive $222,600 in interest.
Looking at it another way, if you were to keep your repayments at the same monthly amount, saving 1.0% on the rate would allow you to pay down a 30 year loan 5.5 years earlier. Being mortgage-free 5.5 years earlier should be attractive to everyone.
With access to over 35 lenders, AccentLoans.com.au can help you refinance your home loan to a great rate so you can stop paying the lazy tax.