1. Laura lives in her own home and had a loan of $400,000 with an 80% loan to value ratio (LVR)5. She was paying a variable interest rate of 4.40%p.a. with a big bank and decided it was worth checking if there was a better deal on offer so could afford herself a holiday.
3. She gave her big bank the flick and refinanced7 her loan to ME with a Flexible Home Loan with Member Package 1 variable rate of 3.89%p.a.2 (comparison rate of 4.30%p.a 3). This reduced her minimum monthly repayments by around $118 per month.
4. She then saved the $118 per month for 12 months, saving around $1,416 (projected on current interest rates) and bought a well-deserved 5 nights on Hamilton Island through Virgin Holidays4. End of story. #whatcanyouscroogify.
Want the low down on the ScroogifyTM calculation? Get it here.
is a guide only - you should consider your personal situation
is based on the lowest advertised package rates6 of the major four banks (ANZ, Westpac, NAB and Commonwealth Bank) from the Canstar comparison site and does not take into account rate discounts that might be available or future changes in rates
compares these rates with the ME Flexible Home Loan with Member Package rates current as of 01-May-2017
is only valid for the loan amount and LVR5 specified – different rates apply to different loan amounts and LVRs5
takes into account typical discharge and mortgage registration fees charged by both the other lender and ME, but does not take into account fee waivers or other fees and charges that might apply to the refinance or on an ongoing basis
does not take into account the value of other home loan features or benefits such as offset accounts and free credit cards
assumes 12 monthly repayments per year for the stated term and all months are of equal length, and uses unrounded amounts to derive its results.
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Member Package annual fee of $395.
Interest rate is current as at 01-May-2017 and is subject to change. It includes a 0.94%p.a. discount off the variable reference rate for Flexible Home Loans with a Member Package where the primary loan purpose at application is owner occupied and where the loan amount is less or equal to 80% of the value of your property (“LVR”). Only applies to new home loan applications with a loan amount from $400,000 to <$700,000. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw this discount at any time. If you apply after the discount has been withdrawn the Flexible Home Loan with Member Package variable rate without discount (the reference rate) will apply.
Comparison Rate based on a Flexible Home Loan with Member Package of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Flight Centre Holiday Deals. Depart Sydney to Hamilton Island with Virgin Australia and stay 5 nights at the 5 nights’ accommodation at the 4-star Reef View Hotel in a Garden View Room (with a daily buffet breakfast #winning). Advertised price is $1,149pp. Holiday deals change from time to time and ME does not warrant that such a deal will be available in the future.
Loan to Value Ratio (LVR) is the loan amount divided by the value of your property (determined by ME at assessment), multiplied by 100.
Laura’s Story – checked 6/2/2017 - www.canstar.com.au
Refinanced the old loan with 30 years remaining to a new ME loan with a 30 year term.
Terms, conditions, fees and charges apply. Applications are subject to credit approval.