Interest Rate Savings Case Study
David and Julie purchased their home 2 years ago. Their home loan balance was currently $650,000. David and Julie wanted a lower interest rate on their home loan to reduce their minimum monthly repayment and to reduce the amount of interest payable over the life of their home loan.
Fox Symes provided David and Julie with a new home loan.
David and Julie's new home loan for $650,000 was provided by Fox Symes at an interest rate 1.2% lower than what they were currently paying to their existing home loan lender.
David and Julie's minimum monthly repayment with their new home loan was reduced from $3,980 per month to $3,480 thus saving them $500 per month.
More importantly with the lower interest rate on their new home loan David and Julie would save approximately $177,000 in interest over the life of their new home loan.