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Refinance your home loan | Mortgage Broker Burwood East & Clayton

When was the last time you reviewed your home loan? 

If the answer is "a few years ago" or "I'm not sure", then get in touch with Mortgage Broker Julie Huang this week. Julie will evaluate and compare your home loan with hundreds of others by taking into account rates, fees and features to check that you have the loan that’s right for you.

Even if you’re not ready to refinance right now, it makes sense to have an annual check-up to make sure your loan still meets your needs.

FAQ's for refinancing your home loan

  1. How do I know if I should refinance my mortgage?
    You may want to refinance your mortgage for a range of reasons, including if you want to reduce your home loan interest rate, if you're unhappy with your current lender, to consolidate debt, to fund a home renovation or extension, or to fund a big purchase (such as a car) at a lower interest rate.

  2. How much can refinancing save me?
    To work out what your monthly repayments might be and how much you could save by refinancing, you can use our home loan repayment calculator.

  3. How much equity do I need to refinance my house?
    Many loans have a maximum LVR of 95%, which means you can't borrow any more than 95% of the value of your home. If you want to refinance, this means you must have at least 5% equity in your property. When it comes to refinancing, a general rule of thumb is to have 20% equity in the property to avoid having to pay for LMI.

Free home loan resources!

If you’ve had a home loan for a few years now, it is worth getting in touch with us to review your finances to see how much you could potentially save. Each lender offers different products and will assess you differently, so shopping around for the right home loan could mean having a higher borrowing capacity or lower interest rate.

If you're ready to organise a free home loan health check, then call Mortgage Choice Julie Huang on 0432 633 339.

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