Case Study – How to instantly save over $ 26,000 on lender fees

Client’s current situation:

Client owns a home valued at $ 420,000 with a home loan of $ 225,000

And an investment property worth $ 370,000 with an investment loan of $ 331,000

Their goal: To buy a new home for $ 700,000 and turn their existing home into an investment property.

The client initially attended one of the major banks and received a fantastic deal on the rate.

However, the lenders mortgage insurance on this transaction quoted was over $ 31,000 payable upfront via cash or to be added to the overall loan amount.

The client was referred to us for a second opinion.

We conducted an assessment and presented the following structure to the client:

Refinance their existing investment property with a major bank on a low rate and reduced lenders mortgage insurance fee of only $ 4,500.

Refinance the existing home to another major lender and obtained finance for the new purchase along with a low rate and the Lenders Mortgage Insurance was negotiated to $ 0.

An instant saving of over $ 26,000!

Had the client proceeded with the initial structure the overall cost would have been double the fee as interest would have been added on top of the insurance as the client would have been paying it off over time…

Often we find the borrowers don’t know what different options are available for them to save money. At times it is the ability to know where the lender special deals are, how much they can negotiate off the rate/fees, or how to correctly structure their property/loan and bank accounts to save a fortune.

For a second opinion on your current home loan contact us today! It’s free and carries no obligation.

So feel free to call Andrew Krauksts today on 02 9965 7292 or watch this introductory video on The Home Loan Advisory & request your 5 Min Best Loan Offer Call.

Sincerely,
Andrew Krauksts