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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.

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Indicative Home Loan Savings Calculator Information

The Indicative Home Loan Savings Loan Calculator is a simplistic calculator which does not take into consideration the exact individual circumstances of the user. It calculates an approximate amount by which monthly repayments may be reduced and the interest savings based on a number of assumptions detailed below. The results from this calculator should be used as an indication only.

Assumptions

Monthly repayment reduced by

Compares the monthly repayment on the "home loan" assuming the remaining loan term is 30 years at the average standard variable rate of the big banks published by the RBA as at 02/12/2011 and the "other debts" are being repaid at minimum monthly repayment of 3% of the outstanding balance vs. the monthly repayment of the consolidated "home loan" and "other debts" assuming a Fox Symes 30 year home loan is provided at a rate 1% less than the average standard variable rate of the big banks published by the RBA as at 02/12/2011.

Interest Saved over life of loan

Compares the interest paid on the "home loan" assuming the remaining home loan term is 30 years at the average standard variable rate of the big banks as publicised by the RBA as at 02/12/2011 and the interest paid on the "other debts" assuming the "other debts" are amortised at 20% per annum over a 15 year period. vs. the interest paid on the combined "home loan" and "other debts" assuming a Fox Symes 30 year home loan is provided at a rate 1% less than the average standard variable rate of the big banks published by the RBA as at 02/12/2011.