Type of loan: Refinancing
Deposit: Not required for refinance loan
John was unhappy with his home loan as interest rates were increasing and he didn't feel the product that he was on was meeting his needs. He called ING to find out if refinancing his home loan to ING would benefit him in terms of reduced interest rate and better products. He found that he was able to get both a reduction in interest rates and a better product.
When talking to the Home Loan Specialist John found that he was able to answer all of his questions and recommended the Mortgage Simplifier to suit his needs. His current home loan product which was split between a variable product and a line of credit was not working for John.
The Mortgage Simplifier had a free redraw facility which enabled John access to his funds whenever he needed them. John arranged to put his salary straight into the Mortgage Simplifier and then was going to use the redraw facility for his monthly expenses. By salary crediting this helps john reduce the interest that he needs to pay on his loan even further.
By refinancing to ING, John's interest rate was reduced saving him over $100 a month. The flexibility was also a big advantage for John, instead of two loans he only had to worry about the Mortgage Simplifier product. John was able to obtain an additional $20,000 to consolidate his personal loan and credit card debt into his home loan saving him even more money and only having to worry about one account and one statement.