Dear Mortgage Holder,

If you're paying more than 1.99% on your home loan or 2.19% on your investment loan it will cost you tens, if not hundreds of thousands of dollars over the lifetime of your loan. When it comes to your mortgage, a slight change in interest can save you a tonne of money over the lifetime of the loan.

For Example, if you have a $500,000 home loan with an interest rate of 3.5% and a mortgage term of 30 years, you will have paid $308,280 in interest over the life of the loan. However, if you shaved that rate just a little, to 3% - just 0.5% lower you will save $49,393 over the life of the loan. If you take another 0.5% and your rate becomes 2.5%, as opposed to 3.5% you will save $97,062 over the lifetime of the loan.

This example illustrates how a small reduction of just 0.5% reduces your mortgage cost significantly over the lifetime off the loan. How far would $50,000 or even $100,000 go in your life over the next 20 years?

With those savings you could buy an investment property, take your kids to disney land or take your partner to Europe. The list goes on...

To see how much you can save on your current mortgage, simply schedule a completely FREE, no-obligation mortgage review with Perth's award winning mortgage brokers at Champion Broker.