With the family home most likely to be the biggest debt that we take on in our lifetime, it makes perfect sense to pay it off as soon as possible and reduce the interest paid to an absolute minimum. Alternatively you might be looking to tap into your existing equity in your home to renovate or make additions such as putting in a pool. These are classic examples of where refinancing could be an option for you and we’d love guide you through the process and secure the best new loan to meet your goals.
If you’ve been with the same lender for some years you might find it’s beneficial to check your interest rate to confirm that your lender is still competitive. With priority access to over 25 lenders we specialise in going out to the market and working hard for our clients to see if we can strike a better deal on a new loan to help them get further ahead.
In making a decision to refinance there is a lot more to consider than just the headline interest rate – you also need to consider the costs of switching to another lender. Costs such as entry, exit, application, valuation, stamp duty and legal fees, as well as any other ongoing charges.
Before you make a move you should also be clear on your main motivation is for changing lenders and whether flexibility, a lower rate, a fixed or variable rate, lower fees or debt consolidation is the goal.
We should mention that it could still be worth talking to your existing lender when considering refinancing. Some lenders might go to greater lengths to keep you, such as waiving fees, rather than let you go to a competitor.
Whatever your motivation we’ll be able to guide you through the complete refinancing decision making process and ensure that the whole exercise will see you better off in the short and long-term.
You can work out the impact of a lower interest rate on your home loan repayments and how much sooner you could pay off your loan, by accessing our mortgage calculator here.