With the recent RBA rate cut and fierce competition between the banks, now is a great time to speak to your local Perth mortgage broker about refinancing your home loan.
So what exactly is involved in refinancing your home loan? Check out our video below for a quick quide to refinancing:
Of course there are many reasons why you may consider refinancing, some of the main reasons/benefits are as follows:
To get a sharper interest rate
One of the most common reasons for refinancing, many people switch lenders in order to reduce their monthly home loan repayments.
To unlock equity
You may wish to access the equity you have in your home for a range of purposes. For example you may want to purchase an investment property, or to invest in other wealth building strategies such as shares. You can also access equity in order to complete home renovations or purchase a new car.
To consolidate debts
You may wish to consolidate debts such as credit cards or personal loans in order to reduce the overall interest you are paying on multiple loans, and make your monthly repayments easier to manage.
Tip: Talk to your mortgage broker as this option may not be suitable for everyone.
To access specific loan features
Perhaps your fixed rate term is coming to an end, or you wish to access a loan product that offers specific features such as extra repayments, redraw facility or an offset account.
No matter what you’re looking to do, it’s important to make sure that your home loan meets your changing needs.
Contact your local Perth mortgage broker Andrew Sawyer for a free Home Loan Health Check today on 9277 9888.