Why refinance?
There are many reasons why people choose to refinance. Lenders rarely reward customers for being loyal, so it’s a good idea to regularly check to see if there is a better-suited loan for you. Some benefits can include:
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Things in life change - and that includes interest rates, your circumstances and goals. When they do, it could be time for your home loan to change too. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone - with one of our local Canberra Mortgage brokers doing the legwork with your best interests at the heart of all recommendations, refinancing can be easier than ever.
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Get down with low rates
Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
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More bells, better whistles
Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
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Debt consolidation
If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
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Free up money for your projects
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
How to refinance.
The thing is, refinancing can be made simple with a broker. Here’s what the process looks like.
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Check in
We’ll take the time to understand your circumstances and goals and review your current mortgage, including any exit fees or additional costs.
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Your shortlist
Next, we compare your loan with others offered by over 60 lenders to see if you could be better off somewhere else. You will receive a shortlist of our recommendations, which may include renegotiating with your current lender.
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Take action
When you’ve made an educated decision, it’s go time. We do the legwork for you from application to settlement. We then regularly check in to make sure your loan is still working hard for you.
How much could I save by switching loans?
Different loans have different fees, features and repayment options. Use our loan calculator to see how the numbers stack up between two loans.
7 ways to save big on your home loan.
Download our free guide to become a mortgage maven and save money over the life of your loan.
Ask us a question.
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