Rohan was recently contacted by an existing contact who had seen our Venro business launch and decided to reach out for a mortgage review.
The situation was a common one, a busy time poor household with working parents, one adult and two teenage kids who had let their current mortgage carry on. Their current broker had not conducted a review since the mortgage was set up in 2019, so in the current interest rate climate it was time for them to reassess.
The Venro process
This case was a simple credit application, the clients can service their mortgage and have solid equity in the property. Venro’s main goal was to save them as much as possible on their repayments in order to help them achieve their goal of paying down their home loan as quickly as possible.
Rohan set to work on a broad market sweep, approaching and negotiating with lenders. In the process he confirmed that some lenders are still offering sharp interest rates and up to $6,000 cashback incentive to bring business across, particularly when clients have a loan to value ratio (LVR) below 80%, meaning when the borrowers hold 20% or more equity in their property.
The results
Rohan was able to provide his client with three loan options to compare. All agreed the bank providing the best pricing was the solution for these clients, securing them a competitive market rate and a generous refinance cashback incentive.
The key figures speak for themselves:
- Reduced rate from current lender by 1.16%
- Refinance cashback incentive of $4000
- Year one (including the cashback incentive) after refinance costs client will save over $11,500
- Ongoing interest saving of over $8,300 per year
- Improvement to monthly household cashflow of over $570 per month
And…our clients now have the added bonus of working with Venro, meaning they have a committed broker who will review variable rates annually and ensure they are getting a fair market rate.
We have recently engaged Rohan & Claire to conduct a review of our existing home loan. We had taken the loan out with a Big 4 bank via another broker three years earlier. We were surprised to learn that our rate had crept up and was no longer competitive. After reviewing our details, the Venro team came to us with a recommendation that would save us a significant amount each month and a generous cashback offer from our new bank. They made the process simple, were there to guide and answer our questions promptly and always kept us up to date. If you haven’t reviewed your home loan recently, we can strongly suggest working with Rohan & Claire to find you a better deal. We have since referred a family member for the purchase of a property, who had a similarly pleasant experience. We look forward to working with Venro for any future needs!
Dom Lis