Borrowers should be paying less for their home loans

Here’s a round-up of interesting statistics you might want to know about:

Australians are worried about not having enough money for retirement:

Over half the participants of the 2014 MLC Retirement Survey expect not to have enough money to retire on. One in three people expect a sizeable financial shortfall at retirement and only 3.5 per cent think they will have more than enough money to maintain a desired lifestyle. Around 70 per cent said they did not have a fall-back plan for financial setbacks like health issues and unemployment.

Borrowers should be paying less for their home loans:

The official Reserve Bank of Australia cash rate has been at a historic low of 2.5 per cent since August 2013, yet some borrowers are paying up to 9 per cent for their home loans simply because they haven’t shopped around for a better deal. There are hundreds of products on the market so it pays to review your loan on a yearly basis. Speak to Formula 1 Finance credit advisors &  mortgage brokers for assistance.

The value of residential property is on the rise:

The estimated total value of residential properties in Australia hit $5 trillion for the first time, according to the Australian Bureau of Statistics (Dec quarter 2013). House prices are expected to keep growing in the next 1-2 years, particularly in Queensland, reports the recent quarterly NAB Residential Property survey.



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