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Should you consider refinancing?

By Tamara Lloyd

Is it time for you to think about refinancing? There might be a home loan out there that better suits your needs or will help you pay off your mortgage faster. The important part is knowing when these opportunities arise.

With the current home loan market so competitive there are a lot of lenders offering cheaper options. What’s essential is looking at costs beyond the interest rate. Sometimes the cost of refinancing, ongoing fees and home loan product add-ons can mean a new, seemingly attractive offer can actually be more expensive in the long run.

A Loan Market mortgage broker can help ensure you always have the right loan for your current needs and their future goals, by regularly reviewing your home loan.

If refinancing is the right decision, the application process is similar to a regular home loan application and most of the leg work is done for you.

Once the new home loan is approved by the lender, the approval documentation, including any special conditions, will be sent to you to accept and return. The repayment and discharge of the existing home loan will be arranged by the lender and the new home loan will be put in place.

If you are looking to save some money on you home loan, looking to access equity to invest or renovate or perhaps restructure you loan to mitigate against any potential future rate increases, talking to a mortgage broker is a great idea.

5 Reasons to refinance your home loan

Lower rates mean more money in your pockets
Now, that’s not rocket science – when you pay less money out, you end up having more money. And that’s the basic idea behind mortgage refinancing. Just like when you shopped around and looked for options before you zeroed-in on your mortgage, it makes sense to revisit your mortgage and if you could save money.

Gain from the entire package
You’d think a loan, was a loan, was a loan, right? But no. There are so many different loan features that can help you save money and come out a winner. Interest rates are just one way to save when it comes to mortgage refinancing.

Flexibility to change your loan period to suit your circumstances
Life is full of surprises, big ones, little ones, always hiding just around the corner. Your life is going to change and so is your financial situation so why should your mortgage stay the same then, especially when home loans are one of the largest financial decisions that people ever make in their lives?

Consolidate your debts
Debt happens. We get it. Juggling multiple debts only makes debt more stressful and makes you more likely to accidentally miss repayments. If you’re a homeowner mortgage refinancing could be the perfect opportunity to consolidate all of your debts under one roof.

Invest in your home equity
Your home is the asset that you could bank on when in need – having to pay your mortgage off should not hold you back from making the most of your asset. Mortgage refinancing can give you financial freedom by opening a line of credit for your home.

If you would like more information please contact our office on 9725 7444.

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