Indeed, there are a lot of benefits of refinancing your home loan, both personal and financial. But the question is, how often should you take advantage of those benefits? Perhaps more importantly, when should you refinance your mortgage? In this post, Shore Financial shares some of the answers to your questions about refinancing home loans in Australia:
The biggest reason why you should refinance your home loan is to enjoy a new and better loan that can significantly reduce your monthly mortgage payments. By refinancing, you can also:
You can refinance your home loan even more often than you might think. The mortgage rate you get for your refinance will depend on your existing loan. Generally speaking, you should refinance either in:
This will give you the best chances of obtaining a low-interest rate mortgage, and paying as low a monthly mortgage payment as possible.
There are some other key times to think about refinancing your home loan, especially if you’re paying more than you need to. Some of the most important include:
There are a few important things to consider before refinancing your home loan, because it may not always be the best thing for you. Discuss these with your financial advisor to make sure that it’s the right choice for you:
Refinancing home loans can be a great financial move, provided that you do it the right way. It can be a great way to boost your savings, improve your financial stability and take advantage of market conditions. All you need to do is to determine how often you should refinance when it’s most beneficial to refinance, as well as whether you’re ready to refinance.
If you need to know more about refinancing loans in Australia, Shore Financial can help you. Allow our expert brokers to help you find the right refinancing loan for you. Get in touch with us today and enjoy a complimentary loan health analysis from Shore Financial!