The right home loan refinance could help you pay off your mortgage faster and for less, clear unhealthy debt or help you upgrade and add value your home, all of which are steps in the right direction.
As time marches on, situations change. Perhaps you’ve changed jobs? Or there’s a new addition to the family? Maybe you would just like a better rate? Maybe it’s the advent of school fees, or perhaps the kids have flown the coop? Or maybe that leaking shower or tired kitchen has just reached the end of its life.
A shift in circumstances may mean it is time to revisit your home finances and consider a refinance. For many, the idea of refinancing a mortgage can be daunting. Try our home loan comparison calculator. Fees, fixed versus variable interest rates and monthly charges all need to be considered. This is where we will carefully guide you with your best refinance options. We are experienced and offer a professional service when considering a refinance of your home loan.
Refinance? But where to start? We can help you weigh it all up.
Common questions for those thinking of refinancing
With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, we are a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.
This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time. Speak with us today to discuss your personal needs.
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our clever loan options tool borrowing power calculator. Chat to us when you’re ready, we can help with calculations based on your circumstances.
Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.
Penalty fees could apply if you’re paying off your current mortgage early, especially if you’re exiting a fixed home loan. But these may be offset by repayment savings when you switch and refinance your home loan. We’ll walk you through any fees that will apply in your circumstances.