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Speciality Home Loan Savings Case Study

John and Sally purchased their home 5 years ago. They were also paying off a motor vehicle loan, a personal loan for a holiday they took the family on last year and three credit cards. John and Sally were finding it increasingly difficult to manage their money and their repayments. They were months behind on their monthly credit card repayments and both their credit ratings were now impaired.

A snapshot of their loan accounts revealed the following:

Loan AccountBalanceMinimum Monthly Repayment
Home Loan 425,000 2,550
Mortgage Vehicle Loan 16,500 300
Personal Loan 8,500 500
3 Credit Cards 40,000 1,200
Total $490,000 $4,550

John and Sally's minimum monthly repayments on their loan accounts totalled $4,550 per month

Due to John and Sally's unique financial circumstances they were unlikely to meet or 'conform' to the rules of traditional home loan lenders. Fox Symes provided them with a new home loan.

John and Sally's new home loan for $490,000 allowed them to consolidate all their debts. This resulted in John and Sally now making one repayment per month rather than multiple repayments.

John and Sally's minimum monthly repayment with their new home loan was reduced from $4,550 per month to $3,250 per month thus saving them $1,300 per month.

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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.