Are you considering refinancing your home loan?

Your home loan might have been great when you first got it, but banks are competitive, rates change, and lending products evolve. Your home loan might not be working as hard for you as it could be, and it could be costing you money.

Perhaps it’s time to review your mortgage?

The benefits of refinancing are:

  • Lower interest rates or a reduction in fees and charges;
  • Independent award-winning brokers reviewing your loan on an annual basis;
  • Unlocking equity in your home for renovations or investments;
  • Lower repayments; and
  • Debt consolidation – you might decide to consolidate some of your other high-interest debts such as credit cards into one mortgage with a lower overall interest rate. This means you’re paying lower interest and in many cases, you can even reduce your monthly repayments, which frees up your cash flow.

Consider the potential savings, if the difference between the 2 rates is 30 basis points on a $600K loan over 30 years. E.g. $600,00 at 3.99% is $2,862 per month or at 4.29% is $2,966 per month. That’s a difference of $104 per month and a difference of $37,682 in interest over the life of the loan.

There are costs associated with refinancing BUT how many lenders are now rebating this full to attract new clients, thus making the exercise cost neutral.

Is a Home Loan Refinance Right for You?

There are many reason to refinance your home loan but make sure you get a quote from a mortgage broker before you jump into anything.

You need to be sure about what you’re hoping to achieve by refinancing. Discuss your goals and aims with your mortgage broker before making a final decision.

Who has the Best Home Loan?

The one question a mortgage broker hears all the time “who has the best home loan?” The best home loan is the one that suits your individual needs and circumstances.

Everyone’s financial situation is different, so trying to copy the home loan solutions they’ve chosen might not be the best option for you.

You need to consider what will fit to your personal budget, your own goals and your own needs.

Fixed or Variable Rates?

That is the million-dollar question. The answer depends entirely on you. Banks offer packages that can meet your needs. Your mortgage broker will know which packages would suit your personal budget and circumstances.

What happens now?

Speak with your mortgage broker about what options are available for you. In some instances, you could reduce your interest rate, consolidate other debts or perhaps even free up some extra cash.

You might find that refinancing could save you thousands of dollars in fees and interest charges.

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