How do you know if your interest rate is too high? Reviewing your bank loans is an easy way to save significant money.

Since we launched our finance division, this has never been truer. The way your banks set your interest rate is extraordinarily complicated, and it’s sometimes difficult to ascertain if you’re paying too much.

One recent example is a medico client of ours. Undertaking her own review, she had asked the bank to review her rates. They had shaved off a little although keeping her in her existing structure. Upon our review, we found that the home loan was no longer structured to meet her needs. It could be swapped to principal and interest and she was now living in the house. Restructuring the loan and putting pressure on the right banks resulted in a saving of 1.60%. Not a bad result on a $800,000 loan x 1.60% = $12,800 per annum saved

We are finding more and more of our clients stuck in legacy banking products. With the bank’s fiercely competing for business now is a great time to review your banking.

If think you would benefit from a review of your finances, Jason O’Shaughnessy from 360 Partners Finance would be more than happy to review.

You can call Jason directly on 0432 359 973 or email joshaughnessy@360partners.com.au