Refinancing Your Home Loan

With the lowest official cash rate on record, it might be time to refinance your home loan. What you may have agreed to 5 years ago when you bought your house, may not be the best option for you now.

Refinancing involves replacing your current loan with a new one that usually has different features such as a lower interest rate, lower fees or a different mortgage term.

With most mortgages just becoming a ‘set and forget’ once it’s been organised, many borrowers may be potentially costing themselves thousands by not refinancing their loans. With help from our team, we can evaluate your current options and organise to refinance your mortgage.

Lower Rate

One of the most common reasons individuals refinance is because they have found a lower interest rate. Having a lower interest rate could not only reduce your monthly repayments, which could provide you with the opportunity to invest those savings elsewhere or simply pay down your mortgage quicker. It’s important to speak with your mortgage broker who can help you research and calculate if the lower interest rates will save you money in the long term.

Changing to a Fixed Rate Mortgage

With the lowest interest rates in history, it may be a good idea to fix your interest rate on your mortgage. With a fixed interest rate, you’ll have the sense of security that your interest charge will always be the same, regardless of the market conditions, making it easier to plan and budget for.

Extend or Shorten Term

Refinancing your home loan gives you the opportunity to reduce or increase your mortgage term. Deciding between extending or shortening your loan term, is utterly dependent on your financial circumstance. With a shorter term, you’re paying less interest overall, however changing to a longer term loan could decrease current payments. Have a chat with your mortgage broker who can work with you to determine what is best for your financial situation.

Want to refinance your home loan? Get in touch with our team and we can help you navigate the process.

Is now the right time to refinance your mortgage?

If you're having trouble making the payments on your home loan or your financial situation has recently changed, it might be time to refinance your mortgage.

Looking at today’s market, a large number of home loans now start with a 2, so refinancing might be the right option.

Have you weighed up all your options?

Due to the low interest rates on the market today, refinancing is a strong possibility for those who need it, but that doesn't mean it's necessarily the right choice . The Australian Securities and Investments Commission emphasises that it's important for consumers to consider other options before refinancing, as it isn't guaranteed to benefit them in the long run.

Savvy consumers know it's important to talk with mortgage specialists and make sure the mortgage repayments being asked of them are reasonable, not just now but in the long haul. A mortgage is a big commitment, so giving it its due diligence is key.

How we can help you

If you decide that refinancing your mortgage is the right decision, we have the resources to help you get set up. With over 50 lenders at our fingertips, we are confident we can find the ideal loan for you.

Get in touch with us to learn more.