Why is now a good time to consider refinancing your home loan?

July 10, 2015
Gayle Roberts

With the official interest rate at historic lows, it makes sense to check whether your home loan is still right for your needs.  Time for a Home Loan (free) Health Check!  Perhaps looking at refinancing your home loan can mean securing a lower interest rate, gaining access to improved loan features, or achieving personal goals like streamlining debt.  The process is generally pretty straightforward though there is inevitably some paperwork involved. 

Whether it’s getting a better interest rate (and saving $$ss); lower repayments, buying an investment property or finally doing that renovation you’ve always wanted; refinancing could be the solution you’ve been seeking.

There are a number of reasons you may want to refinance your home loan:

  • You may be looking for a better interest rate or new features and add-ons such as flexible repayments, redraw facilities and account splitting
  • You may be looking to use the equity in your current home to renovate
  • You may be coming to the end of a fixed rate term, and your ongoing variable rate will revert to a high rate – so it’s a good time to see to speak with us as your finance specialist to look at “better” interest rates, or even a more flexible  home loan
  • You may be looking to consolidate debts such as a personal loan, car loan or credit card onto your mortgage, so it’s easier to manage your finances.

So why would you want to go through all the red tape again?  The answer is simple – to save money on your money – better in your pocket!

The following should help you answer your burning questions about whether or not this is right for you.

What is a refinancing loan?

  • Refinancing your home loan is when you either take out a new home loan with a new lender, or we negotiate a better loan with your existing financial institution
  • The point of doing so is almost always to secure a lower rate of interest that will save you money on your monthly repayments and possibly reduce the life of your loan
  • It’s worthwhile investigating the possibilities of refinancing if your situation has changed such as you have a new/another baby, you want to buy a bigger property or you feel you are locked into interest rate above market value
  • Many people also choose to refinance in order to consolidate credit card and personal loan debt

Come in and visit us at Mortgage Choice Port Melbourne and we’ll evaluate the advantage and potential disadvantages of your situation.  We can show you the fees & Govt charges and calculate the amount you could highly possibly save on your mortgage, and get a “better” home loan for your circumstances.  Visit us at 146 Rouse Street in Port Melbourne (near corner of Rouse & Bay Sts) or phone us on (03) 9646 7973 or 0402 884 506 and ask for Gayle.

Posted in: Refinancing

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