Ken has a mortgage on his 1 bed room apartment and he is currently looking to refinance his mortgage with another lender who can take over the loan with a lower interest rate.
His current mortgage balance is $350,000 out of the $450,000 initial mortgage for 30 years, and he had his loan fixed for 5 year at the start.
He has 1 year to go before his fixed loan term expire and his current lender charged him 3.33% interest rate, with a $795 fortnightly repayment.
Through initial consultation with the client we were able to identify potential lender who can assist with refinancing at the lower interest rate.
As of now Ken mortgage has been successfully refinanced with the new lender on a 5 years fixed loan at 2.29% interest rate and fortnightly repayment of $707, and a loan term of 26 years
This refinancing option allow Ken a saving of $88 on a fortnight, $176 monthly, or $2,112 a year, which he can use to improve his saving or use the fund for other things like travel, education, or other investment.
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