Your Guide To Refinancing
Reasons to look at home loan refinancing
Life doesn't stand still and neither should your home loan. If you've had your current home loan for 3 or more years, why not review it online to see if it stacks up to what you need today. What are your needs right now?
"I'm looking for a competitive rate"
Finding a more competitive interest rate is a great reason to refinance. Do your sums first to make sure that fees and charges don't erode your gains.
"I just want to be sure"
There's nothing wrong with giving your home loan a "health check". It may still be working very well for you. If it doesn't meet all your current needs or you're paying for features you don't need or use, maybe it's time to look at refinancing.
"We're thinking of renovating and refinancing"
Want to renovate but don't have the cash on hand? You may be able to get additional funds by accessing the equity you have in your home loan through refinancing.
Another way of refinancing is by changing your home loan from principle and interest to interest only, that way you only pay interest on the loan money you use.
"There have been some big changes in my life"
The longer you're on the planet, the more you know how life can change, sometimes overnight.
The birth of a baby, marriage, separation, re-marriage, an unexpected pay rise, or you may decide to start your own business.
These are perfect times to review your current home loan and see how refinancing could produce a loan that works harder for you now.
"Time to consolidate my debts"
Like to save big time on interest payments? Silly question. Why not consolidate your credit cards, car loans or personal loans into your home loan. The interest rate is much less so you could save thousands of dollars.
It's more convenient as well. Instead of multiple repayments there's only one single, regular loan repayment - much easier.
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