As interest rates continue to fall, more homeowners are asking the question – “should I refinance my home loan?”
Today's home loan market is highly competitive, and new features and greater flexibility continue to be introduced to lenders' product suites all the time. So even if you've had your current home loan for just a few years, it makes sense to check that you still have the loan best suited to your needs.
Lots of reasons to refinance
Refinancing is the process of replacing your current home loan with a new loan – either through your present lender or a different lender. It's a step that could offer a range of benefits. Refinancing could be an opportunity to secure a lower rate, with potential savings on monthly repayments and a reduction in your total interest costs. Refinancing could also mean enjoying improved loan features that may help you to pay off the loan sooner.
There are other circumstances when a home loan refinance makes sense. It could be a way to tap into home equity to achieve personal goals like the purchase of an investment property or a new car. A home loan refinance could also be used to streamline your personal finances through debt consolidation.
Some home owners simply find their household circumstances change over time. Whether it's a growing family, a new job, or maybe just a change of pace, your loan should always keep up with your life.
Many home owners are surprised at how straightforward refinancing can be – especially with the help of a Mortgage Choice broker, who can oversee the whole process.
Nonetheless, refinancing may incur additional costs, so it's a decision that calls for careful consideration. A free home loan Health Check by your Mortgage Choice broker could be the starting point to knowing how your current home loan is tracking.
We'll evaluate and compare your loan with hundreds of others, taking into account rates, fees and features to make sure you have the loan that's most appropriate for you.
With interest rates at historic lows, your Mortgage Choice broker is there provide answers to your questions about whether now is the right time to refinance.