Mortgage Refinance - Do It
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Why should Australians consider refinancing their mortgages?
it's the real estate podcast brought to you by anz home loans for financial well-beings and welcome to another episode of the real estate breakfast available on iheart radio every morning and also on spotify and apple and wherever you get your podcast from the weekend it is back again saturday morning is with us the 15th day for october for 2022 And coming up very shortly, we're going to be talking to Andrew Wheatley about your mortgage with a new podcast series called Let's Talk Mortgages and some very useful, helpful hints coming your way this morning on how you can save money. And we are all down for that. And talking of money and saving money, Alec Baldwin, the actor, is listing his longtime Hamptons estate for $29 million US.
He's already sold off his upstate Cleveland, New York lake house back in July, but he's still holding on to his penthouse in Manhattan's Greenwich Village, which is valued at around $16 million. And it seems Baldwin's selling of properties comes less than a year following the shooting incident on the movie Rust. And recently, Alec Baldwin and the producers of the Western reached a settlement with the family of the movie's cinematographer, Helena Hutchins, who of course Baldwin shot dead during the filming last year. And under the deal, the family's civil lawsuit against Baldwin and others is going to be dismissed. But here is the twist. The filming of the movie is going to resume in January with all of the original principal players, including Helena Hutchins' husband, Matthew Hutchins, who is now going to become an executive producer of the movie.
Very strange. It means that you will have the option if you want to watch it. The movie rusts probably next year.
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Well, here's a question for you this morning. Why don't Australians refinance their mortgages more often? It's a good question. So what do the numbers look like?
What are the common reasons Australians avoid refinancing?
Well, 23 Australian's refinanced a total of $9 billion in home mortgages in June with the governor of the RBA saying in a speech back in July that he was pleased to see more people switching banks to take up lower interest rates. Now, with everyone talking about how to save money, particularly in this current climate, why aren't even more people tackling the biggest expense in their budget, the mortgage, the dreaded mortgage? Now, we've talked about this before because it feels like a no-brainer to start with the biggest expense first, but oddly, data shows that Australians stay with their bank on average for seven years. So should we refinance more often and why are so many people leaving money on the table?
Well, here to discuss it this morning is Andrew Wheatley, owner of Wheatley Finance and the FBAA Finance Broker of the Year for 2021.
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