The world of loans and finance is challenging to navigate at the best of times and with interest rates on the rise many of us are wondering whether now is the time to refinance. Should you try to lock in a better rate? We asked Brock from FINSYNC for his advice on refinancing right now. What is refinancing? Interest rates and their slow climb are high on the media agenda right now and that means there’s never been a better time to switch lenders. Refinancing right now will allow you to lock in a loan with a lower rate, which could save you a heap of cash in the long run. Refinancing is a great way to save money, trim your mortgage and ultimately get a better deal.
Home loans have come a long way. It is often preferable to switch to a loan that allows you to make fortnightly payments instead of monthly or a loan that doesn’t penalise you for making extra payments. Splitting your loan into a part fixed and part variable interest rate will provide you with the consistency of regular fixed repayments as well as the flexibility to make additional repayments. Some loans come with offset accounts, helping you save even more. In addition, refinancing can help you roll your credit card debts and other personal loans into one manageable sum at a lower interest rate, since your home loan secures this debt. By consolidating your debts, you may pay less interest, lowering your overall monthly commitment and freeing up much-needed cash. Finally, lenders ultimately want your business; some lenders offer incentives such as cash back (some as high as $5,000*), frequent flyer rewards and rate discounts to secure your custom.
With the rising cost of living and the impact of inflation on food costs and energy bills, none of us are going to shy away from the chance to save some money. This makes it the perfect time to review home loans and investment loans to ensure you’re getting the best rate and making the most out of your money. Contact Brock on 0417 763 494 at FINSYNC to discuss your options and get some guidance on refinancing your loans.
Download the FINSYNC Ultimate Guide to Refinancing here.
* Lender eligibility and credit criteria, along with fees and charges, apply to all lender offers.