The lowest rates in decades, lets uncover if refinancing is right for you.
When refinancing the aim is usually to take advantage of lower interest rates that are on offer and/or to extend the length of your loan. In return, lowering your monthly home loan repayment.
Here are some tips to see if the time is right to refinance your home loan.
Weigh up the costs
- Look out for exit/breakage fees, establishment costs, Lenders Mortgage Insurance (LMI), & Stamp Duty. Lenders are all unique and may have different costs for each of these, however some lenders may be happy to negotiate on these more than others.
- Finding the best rate can be hard work, this is where it can be very advantageous to ask me to help you source the best rate and deals out there.
- The lowest rate offered may not be the best. Make sure the rate is for the life of the loan and does not revert to a higher rate after a certain period. You also need to be informed about fees and charges. Ask me what a comparison rate is!
Home Loan / Lender Selection
- Some great rates offered are attached to certain products which can have restricted facilities that may not suit your situation. Eg no redraw or no excess payments etc.
Your reason for refinancing could be from consolidating debts, buying a new car, or completing renovations. No matter what the reason, chat to your local Mortgage Broker - Alan Madden who will take the stress out of it for you, and uncover the best options for you and your home loan.
Ph: 04322 81837
Offices in Bega and Merimbula
Email: alan.madden@mortgagechoice .com.au