Refinance Opportunity  for Wyndham Owners

As a fellow owner I understand that a lot of owners end up  buying their initial credits on finance from Wyndham, having been sold the dream in a sales meeting. I did exactly that, with the intention of paying out the finance much quicker than the 5 years that I took the finance over, however often this doesn't happen and it actually becomes a very expensive option.  It is very easy when it is broken down to a moderately small monthly payment to think it is a good idea. Let's look at a few of the figures if you were to finance  a range of purchase  amounts at 13.5% pa over 60 months.

Basically it adds around $1 per credit to the purchase price.

If you were to refinance the amount into your owner occupied home loan at current rates of around 3.25% over 30 years the repayment figures would look like this:

By doing this you reduce your monthly repayments drastically but the total cost over 30 years is actually greater, making the additional cost per credit of around $1.50.

 

Whenever I look at refinancing personal debt into a home loan it should be the intention to pay it off at the original repayment rate but at the lower interest rate.  If you did this the time taken to pay out the loan would be 46 months and the figures look like this:

The additional costs actually becomes minimal, adding around 15c for each credit purchased. The key is to make sure that you make the repayments at the same rate that you would have if you were paying them off at the higher interest rate.

As I think the credits are overpriced  and I don't like to see people paying too much on finance I have put together the following deal to assist you in refinancing your loan.

  • refinance your Wyndham loan into your home loan and I will pay any changeover costs associated with the refinance up to $1000.

  •  receive one off bonus credits transferred to your account = loan amount/100;   that is refinance 500k loan and you would receive 5000 one off credits.

  • in addition you would end up with a lower rate on your existing loan (hopefully)

  • minimum total loan amount $300,000

  • choice of over 30 lenders

  • where available the Wyndham finance would be set up as a separate split so it can be tracked more easily (different lender products have minimum loan splits)

  • refinancing is subject to you meeting lending requirements

Why can i do this?   I have been a broker for 17 years and I am in a position where i am happy to help people out. I basically don't have to pay any marketing or advertising expenses so I can use that money to give refunds to clients.  I am independent from any lender and receive no incentives for writing one lender over another so it is all about getting the most suitable deal for you. (some lenders do pay slightly different commissions but the amount is negligible)  If you would like to see whether I can help you, I would love to have a chat. 

David Cosgrove   david@cosihomeloans.com.au    0412 624 312

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