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Lisa Elliott

FREE Home Loan Health Check

A FREE Home Loan Health Check can help work out if your loan is still right for you, or if you could benefit from lower rates or different loan options.

You may know that the cash rate has been falling, but how much of the reduction has your lender passed on?

Here are some reasons that it might be time to refinance?

  • Do you know what your current interest rate is?
  • How does it compare to other lenders on the market?
  • Owner occupied variable rates are mid 2%, with some lenders offering very competitive fixed rates at a low 2.19% fixed for 2 years
  • If your rate is still between 3.0% and 4.0%, or if you are reaching the end of your interest-only term, or fixed rate period, then give me a call.

Is it expensive to refinance?

Typically it may cost between $1,000 to $1,500 to refinance to a new lender.  This amount includes exit fees from your outgoing lender, new lender application or settlement fees, and government charges for transferring the mortgage. 

If you are on a fixed rate mortgage, there could be 'break costs' for leaving before the end of the fixed rate period.  Break costs could be anything from a few hundred to tens of thousands of dollars.

It's worth partnering with a mortgage broker who can help you understand what your options are.  This can include calculating any additional costs over the life of the new loan, and how by making more frequent and additional repayments, you could own your home sooner.

I am happy to do Zoom meetings during the COVID-19 crisis so give me a call or drop me an email to make an appointment for a FREE home loan health check.

Call today 0413 848 063

Email me at  lisa.elliott@mortgagechoice.com.au.  

 

Contact us today.


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