Damian Simmons


How one client Saved $7,345.20 per annum by Refinancing To Another Lender


Damian Simmons was referred to Wealth For Life Institute Mortgage Solutions in 2017. Damian is currently 59 and resides in the northern suburb of Doreen with his three children. Damian is a full-time Mechanic and has been for the past 4 years. His goal was to restructure his loans, which would release the title of his family home in Doreen and holiday home in Eildon. The title for both Doreen & Eildon was being held unnecessarily against his investment properties by his current bank. After a meeting in our offices, we advised Damian about the benefits of having an annual review of his current interest rates and loans, as the lending market is an ever-changing environment. Banks are happy for clients to remain in the same products and interest rates forever and a day.


After speaking with Damian he was not sure how his loans and properties were arranged by his current bank. After requesting Damian to provide the original loan agreements with his current bank we discovered that the bank had taken his family home and holiday home as security over his investment properties. We were able to research various lenders that offered better products and rates in line with Damian’s long terms goals.


We found a lender that Damian was happy with which has saved him $612.10 per month and $7,345.20 annually. This refinance and restructure has now given two free titles back to Damian, which was his ultimate objective.


Investment Property 1
Old interest rate: 5.03% (Monthly Repayment $1,479.65)
New interest rate: 4.09% (Monthly Repayment $1,209 – 5 years Interest Only)
Loan Amount: $355,000

$270.65 per month or $3,247.80 per year

Investment Property 2
Old interest rate: 5.03% (Monthly Repayment $2,284.45)
New interest rate: 4.28% (Monthly Repayment $1,943pm – 5 years Interest Only)
Loan Amount: $545,000

$341.45 per month or $4,097.40 per year


As you’ve seen from the example above it is extremely important to review current loans annually as Mortgage Brokers are really up to date
with what’s occurring in the lending environment. Just ask Damian.

“I trusted my bank to look after me but in the end I found out that they were only looking after themselves and cared very little for me in the scheme of things. I’ll never go directly to a bank ever again. Instead, I’ll continue to use the team at Wealth For Life Mortgage Solutions as they have always had my best interests at heart. They have saved me money and have helped me regain full ownership of my family home and holiday home, which is something I’ll never forget. Also I can now use the extra money saved by refinancing to instead invest in property for my future. Thank You Wealth For Life Mortgage Solutions”.

Damian Simmons

Investor and Client

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