What would you do with an extra $325 a month?

What Would You Do With an Extra $325 a Month?

Mark Stevenson, Managing Director at Bell Partners Finance (now Evolve Lending & Finance) wrote for The Western Weekender in March 2024, making the value of refinancing feel real and tangible by putting it in terms of what an extra $325 a month could actually mean for a family.

The piece started with a real client scenario. A borrower came to Mark believing they were already on a reasonably competitive rate. A quick review revealed they were paying a full percentage point more than they needed to be. Moving them from 6.75 per cent to 5.75 per cent on a $500,000 mortgage produced a monthly saving of $325.

Rather than frame that purely as a financial optimisation exercise, Mark leaned into what $325 a month means in real life. It is a dinner out every fortnight, more than two dozen different restaurants across the year at no extra cost. It covers every streaming service available in Australia plus a premium Foxtel package. In two months the savings accumulate to enough for a PS5. The point was deliberate: too many people dismiss refinancing because they assume any savings will be absorbed by the mortgage itself, and while paying down faster or building a buffer is the financially ideal outcome, it is not the only valid one.

For households struggling to cover expenses, or simply wanting a little more breathing room, the saving from a better rate can provide exactly that without requiring any change to their broader habits or budget. The barrier to refinancing is often psychological more than practical, and Mark’s framing was designed to dissolve it.

The best home loan rate is not just a number on a statement. It is money back in your life every month. Contact Evolve Lending & Finance to find out how much you could be saving.