If you are unsatisfied with your rate, seeking better customer servicing or looking to increase your borrowing capacity then speak to one of our Mortgage Brokers today.
When Refinancing CAN make sense
- Your lender’s rate isn’t competitive with others in the market
- A major change occurs in your financial situation
- You are looking for more money to pay for home renovations or invest in another property
- Looking to change your payment type to a Fixed or Variable rate
- You are looking to consolidate your credit card and other debts into one affordable monthly repayment
When Refinancing might NOT make sense
- Prepayment penalties are high on exiting home loan
- Since your previous loan your credit profile has deteriorated making it less likely you’ll get a good rate
- You have recently changed jobs or your financial circumstances have changed meaning you may not be able to improve your current rate
- Your loan balance is low and you are not thinking of redrawing on available equity
- The impact of paying new fees with a new lender may mean this is not a beneficial option for you
Some of the most important things for borrowers to be aware of when considering refinancing include the impact of any fees that may be applied, such as entry, exit,
application, valuation, stamp duty and legal fees, as well as any other ongoing charges.
Another reason to refinance your Home Loan might be to consolidate your debts and only have one monthly repayment. If you have multiple debts
(credit cards and personal loans) and you are having trouble paying these off then it could make sense to consolidate these debts together with your Home Loan.
The main advantage here is that your Home Loan rate is typically a lower rate.
Some borrowers also want to refinance to use the equity in their home to pay for home improvements or to purchase an investment property.
At Improve Finance we will compare every one of our lenders and rates in the market for you and determine whether it will be a financial benefit to refinance.
Please enquire today so we can work out how much you could be saving each month.