Refinancing your Home Loan
What is Refinancing?
If there’s one financial product that has a key impact on our lives it’s our home loan.
So it’s good to know that today’s home owners have the freedom to choose from a variety of lenders including the big banks, smaller banks, and even non-banks, with hundreds of home loan options available.
It’s never been easier to switch from one loan to another, and in doing so you can put yourself ahead financially, to help you achieve your goals or as your circumstances change.
When you take out a new loan, either with your existing lender or a different lender altogether, it’s referred to as refinancing.
Why should you consider Refinancing?
There are many reasons for considering refinancing your home loan, but the main reason to do so is because your current loan no longer suits your needs.
Here are some of the reasons why you might consider refinancing, along with the benefits it may offer.
- Secure a lower rate
- More certainty with a fixed rate
- The end of a fixed rate term
- Switch to a different lender
- Revert to a more 'basic' loan with fewer features
- Improving your loan features
- Access equity in your home
- Consolidate debt
At Mortgage Choice Frankston our mortgage brokers are here to find the best loan for you. We review rates offered but also other important aspects such as lender services available & ongoing costs to ensure the loan is right for you.
We service the following area's (but are not limited to):