With the cash rate left on hold again this month by the Reserve Bank, many of the lenders on our panel are still recording some of the lowest interest rates we’ve ever seen. So you might be considering refinancing your current mortgage, just like a lot of our clients in Perth are doing.
Refinancing can help you to reduce the interest you are currently paying on your mortgage, thereby potentially saving you thousands of dollars.
Of course before you get the refinance ball rolling, you need to understand what this entails and whether this is the right plan of attack for you and your financial situation.
What is refinancing?
In simple terms, refinancing is the replacement of an existing debt obligation with another debt obligation under different terms.
- Reduce your monthly loan repayments
- Allow you to extend the length of your loan
- Allow you to take advantage of lower interest rates
- Help you find another lender that better suits your requirements
What does it cost?
While there can be some serious benefits with refinancing , the process may also be costly. As such it is important to weigh up the different expenses to make sure it is the right choice for you, this is where we come in to guide you through the process and ensure you are receiving a benefit from refinancing.
Why should I refinance?
One of the most common reasons why borrowers choose to refinance their mortgage is to take advantage of lower interest rates and therefore reduce your loan repayments. This can be a significant reduction in your outgoings potentially saving you thousands each year.
How can I be sure that I’m getting the best deal?
You’ll have to choose a lender when you refinance and the interest rate and fees can vary widely between lenders. As a mortgage broker , I can help you identify the best deal and whether or not refinancing is right for you.
If you want to book an appointment, or just want to have a chat about your options please feel free to call Tyson Lewis and team on (08) 9472 0211 or 0400 028 824 or email me at email@example.com.
Or if you'd rather, head over to our Facebook page and leave a comment or send me a message there.