When should you consider mortgage refinancing?
With official cash rates at an all time low, now would be as good a time as any to review your home loan needs, even if its just to make sure it is still helping you achieve your financial goals. Save money, lower your monthly repayments and free up room in your budget by getting a better deal. Changes may include shortening your loan term, adjusting repayments on your loan, so you can own your home sooner; or taking out a loan with added features such as an off-set account or redraw facilities.
When your interest rate is greater
If your current interest rate is more than .75% above a comparable product, perhaps it’s time to switch.
If you want more out of your deal
Consider refinancing if you need a bit more flexibility in your loan arrangement, such as line-of-credit or a redraw facility.
If you need extra cash or equity in your home
Refinance your loan if you need funds to use for investment purposes, school fees, renovations and other important matters.
If your circumstances have changed
If a significant change recently happened in your life (such as marriage or a job change), maybe it’s time to change your loan, too.
If you need to consolidate debt
Refinance your loan if you need to roll other higher interest loans (like credit card loans or per-sonal loans) into your home loan.
It is prudent to review your mortgage once every two years. Competition changes, whether you’re on the right deal or not. We can provide this as a free no-obligation service to you.
Mortgage refinancing made easy
Take the Home Loan Comparison Challenge to review your current circumstances and compare your home loan.