When you first got your home loan, it’s likely you spent time comparing your options to ensure you chose the right mortgage with a competitive interest rate to suit your needs at that time. However, the mortgage market is highly competitive and always changing. The mortgage you chose originally might have been the ideal option for your financial situation then, but is it still meeting your needs today?
Everyone’s financial situations and goals change over time. You might find that your current mortgage no longer offers you the flexibility you want, or it might not provide the features you want to take advantage of. Perhaps your mortgage interest rate is no longer as competitive as it once was.
When things change, it can make good financial sense to consider refinancing your home loan over to a better option.
Here are some of the more common reasons why people choose to refinance their mortgages.
While there are heaps of benefits to refinancing your loan, you need to remember there are costs involved with completing the loan application, switching fees and some government fees to change. In general, these can range from $400-600 for a single property refinance.
The good news is that there are many banks who offer refinance rebates at the moment, and in some cases, we have been able to arrange up to
$2,000 refunded to our refinance clients on the settlement to cover the costs of switching (and leave them with some money left over)!
Our in-house mortgage broking service makes your mortgage and lending needs so much easier, minimising the discord between accountant,
lender and product advice.
We'd love to help you find the best loan for your needs.
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