On a home loan of $450,000 over 30 years at 6%, you will repay a massive $971,734 back to the bank (calculated on the NAB’s own loan calculator).
This amount is made up of the original $450,000 “principal’, plus an extra $521,734 in interest. You are paying back more than double the amount you borrowed.
Loan products are complex and they are difficult to easily compare, making them something the consumer really needs to research and shop around for.
Nevertheless, many Australians will spend more time shopping for the latest widescreen TV than they will for a loan.
Instead, how about spending some time getting your home loan right (or getting a professional to do it for you) and because you have saved so much money you can go and buy the TV you really want without feeling quite so guilty.
Hopefully you can see just how important a low cost home loan is. Take the time to get a low cost loan or find a trusted expert who will do it for you.
To find some of the cheapest loans available for you and see how much you can save, contact your local Mortgage Australia Broker.