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Increasing your repayments by a small amount each week, or getting an extra 0.25% off your interest rate adds up to tens of thousands of dollars saved. Yep, we're not talking small change here.
Getting just a small amount shaved off your interest rate can make a difference to your monthly payments, leaving you more money for the things you want - not to mention getting your home loan paid off quicker.
Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.
Maybe you've started a family, maybe you've retired. Whatever life stage you're at, make sure your mortgage is structured in the best possible way to suit your needs right now.
We're not thinking peanuts here. We're talking tens of thousands of dollars! A review costs you nothing but could save you buckets of money. Seems like a no-brainer.
Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what's called a "Break Fee". This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.
Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee.
There are circumstances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.
It might be possible to break out of a fixed loan before the term is up, but you’re likely to be charged a break fee for doing so. This is because the bank is incurring a loss by you breaking the term early. This loss is passed on to you in the form of a break fee. There are some instances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.
If you sell your house to buy a new one while still under a fixed term, you may be able to transfer the existing loan and rate to the new property. If you’re repaying your loan once you’ve sold, you may have to pay break fees. Before you sign anything, get in touch with one of our team to chat through your options.
The only way to be certain you won’t have to pay break fees is to make sure you don’t break your fixed term early. So before you fix for any period of time, ask yourself if you’re planning on selling in that timeframe, and also to what extent you will feel regret if interest rates were to drop and you were stuck on a higher rate? There are ways to set up your mortgage to take advantage of the certainty of fixed terms but also retaining the flexibility of floating rates. Talk to one of our advisers to help get the perfect mortgage structure for your situation.
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See for yourself what our clients think with over 1054 5 star reviews on Shopper Approved.
Emma was ultra responsive, very helpful and made the mortgage process for a first time buyer (from overseas) super simple and pain free. Would highly recommend her and Squirrel! Planning to get in touch on the next purchase.K
We worked with Sam Ludbrook. He was great at securing a low rate and explaining the various options for us and tireless in chasing me up despite my travelling vastlyL
Leigh , New Zealand
Shaun is AMAZING! I would highly recommend him to anyone. We are young investors and he assisted us in purchasing our first two investment properties and made the process that was so daunting so easy for us!AL
Auckland, New Zealand
Really efficient and quick. Got a better rate than I could on my own and arranged a bigger loan on short notice. Thanks.K
I have used Squirrel for several years and have brought a friend and family members for help with their mortgages.NS
Tauranga, New Zealand
We have always found Squirrel awesome to work with. They provide informed advice in a timely manner and make the whole process really easy!CS
Bay of Plenty, New Zealand
We had fantastic service right from the word go. With just the right amount of backwards and forwards emailing and phone calls. Our broker was really friendly and professional.GV
Tauranga, New Zealand
Wanted to say: Tell Jess's boss to NEVER let her go, she is absolutely AMAZING! Always helpful, fast and friendlyMR