Should you refinance your home loan?
When was the last time you had your home loan reviewed? If you’ve had your home loan with the same lender for a number of years it’s likely that your financial circumstances have changed, unfortunately as your circumstances have changed your home loan hasn’t. You might not have the flexible features and add-ons that are now available. Also the discounting on your home loan may no longer be competitive.
It’s wise to review your home loan regularly to ensure it’s working hard for you to achieve your financial goals.
The most common reasons to refinance a home loan are:
- A better deal or rate
- Home renovations
- To consolidate existing debts
- Buying or building a new home
When reviewing your home loan you’ll be able to compare your current home loan with others on the market, you might find an option that better suits your needs and can refinance. Refinancing simply put involves paying out your existing home loan with a new one. This can result in reducing the loan term or repayments so you can pay down the debt sooner.
It’s important to be aware and take into account of any upfront or ongoing fees when refinancing. These fees are associated with your existing or new lender. These fees may be for settlement, loan establishment, mortgage registration, annual package, loan service, exit and other charges.
With access to Australia’s specialist lenders both major banks and non-conforming, we’ve built close relationships and have a very reputable name in the industry. This give you the largest selection of home loan solutions available.
Are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. To find out how Hunter Galloway can help you call Nathan Vecchio on 0410 000 689.