Chris and Charlotte Wolf

A young family saved 4.5 years oFF their home loan and a massive $174,000 in interest repayments in the just 6 weeKS.

“We trusted our bank to look after us but in the end found out that they were only looking after themselves. 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 our best interests at heart. The money they saved us off our home loan is something we’ll never forget. We used that extra money to instead invest in property for our future. Thank You.”

 Chris and Charlotte Wolf
Investors and Clients

Chris (34 yrs) and Charlotte (33 yrs) were referred to Wealth For Life back in 2017. Chris is a self-employed electrician while Charlotte works in an administrative job. Their goal was to pay their home loan off faster than the 30 years they were told it would take. After a meeting in our offices, we advised both them about the benefits of having their interest rates regularly reviewed.

Chris decided to call his own bank. Having been their client for 5 years he demanded a better interest rate than the 5.79% he was on, and was happy the bank reduced it down to 5.13%, a monthly saving of $261.25 in lower interest. We asked Chris’s permission to call the lender and see if we could secure a better rate. Immediately over the phone to the lender we got a further reduction to 4.75% … a further saving of $150.41 per month.

Chris was furious at the bank for not offering the same rate to him. After reviewing his loans we looked at the structure and the way they handle their money and ended up changing loan providers to get a rate of 4.28% – they were now an additional $186.04 per month better off. 

In fact, their total interest saving was now $597.70 per month compared to their original loan. We also showed Chris and Charlotte that if they kept their repayments at the same amount they were originally paying, they would own their home 4 years and 5 months sooner and save a massive $173,969 in interest. The additional savings also allowed them to purchase an investment property through Wealth For Life Property Advisory that would only cost them $45 per week out of pocket.

RESULTS

Old interest rate: 5.75%
New interest rate: 4.28%
Savings: $597.70 per month or $7172.40 per year
Outcome: Using the savings as extra repayments they would pay their loan off 4 years and 5 months sooner
Saving: $173,969 in interest and payments

Most of us are taught that Bank cannot be negotiated with. What they give you is what you take. As you’ve seen from the example above banks will give you what they can get away with. As Mortgage Brokers, we know how to get the best deal for our clients. Just ask Chris and Charlotte.