Client Case Study: A Mortgage Review That Saved Over $240,000 in Interest
Sometimes, homeowners don’t realise they are paying more than they need to on their mortgage—until they seek a second opinion. That was the case for a hardworking couple with two children who approached WhiteStar looking for a home loan increase to build a new patio. They had stable, long-term employment and minimal debts, and fair to good credit scores. So our Senior Mortgage Broker, Kelly, expected a straightforward loan review.
However, when reviewing their current mortgage, Kelly noticed something unusual—their existing lender rate was a high 8.19% interest rate, typically reserved for borrowers with credit challenges. Yet, after checking their documents, there was no sign of past credit issues or any reason they wouldn’t qualify for a lower-rate loan. It appeared that a previous broker had placed them with a non-traditional lender possibly unnecessarily, costing them thousands in extra interest.
A Strategic Solution: Refinancing for Lower Rates & Renovation Funds
Kelly knew she could find them a much better deal. After researching their options, she secured a refinance with a reputable lender at 6.19%—a massive reduction that not only lowered their repayments but also included funds for their home improvement project.
Before & After Snapshot:
✅ Before: 8.19% interest rate | Monthly repayment of $3,910
✅ After: 6.19% interest rate (incl. renovation funds) | New repayment of $3,270
✅ Monthly Savings: $648 per month | $7,776 per year
✅ Total Interest Savings Over Loan Term: Over $240,000
Why a Mortgage Review Matters
This couple had done everything right, yet they were still overpaying simply because they had not reviewed their loan. Many borrowers assume their loan is competitive, but the reality is that rates and lending policies change, and what was once a good deal may no longer be the best fit.
All brokers are required by law to follow Best Interest Duty. Most do abide by this, and while we cannot explain why these clients were with the lender they had, we could not see any reason that would indicate they should have been.
WhiteStar Finance & Conveyancing takes a long-term approach, focusing on repeat clients and referrals. If we can’t find a meaningful benefit for you in refinancing, we’ll tell you exactly why—and check in when the timing is right.
The Right Support Makes All the Difference
A mortgage review could save you thousands. If you haven’t had yours checked recently, now is the time! Contact a WhiteStar Mortgage Broker today.
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