Why Refinance?
Refinancing your Home loan is something that most people don’t really want to face until there is a need that causes them to consider additional lending, however, in the current market with ever increasing interest rates and uncertainty about how high they will continue to go, now is the ideal time to ensure that your home loan is on the most competitive rate available.
Many banks price their home loans based on risk, and the higher the level of debt to equity on a mortgage, the higher the rate in most situations.Considering this, and the fact property values have risen so much over the last few years, we have managed to save our clients considerably on their interest rates due to the additional equity they now have in their property, which is a much lower risk to the banks. In some cases, for clients that had a very high debt to equity two years ago, their increased equity has resulted in a much stronger equity position, that ultimately provides significant comfort to the banks, and they are happy to provide a better interest rate for this benefit to them.
It’s too hard!
While it is true that refinancing can be a slightly painful process, and it can be true the you do need to provide a lot of information to asses a new loan, we endeavour to make this process as easy as possible for you, using up to date technology to keep your personal information safe, and helping you to only provide what is absolutley necessary to reduce this pain point.
We absolutely love providing savings to our clients by refinancing, and in this time of high interest rates and the increased cost of living, we think it really makes sense to review your home loan at least once a year to ensure that you are still paying a competitive interest rate.
Is it Really Worth It?
We can also look to see if it is appropriate and beneficial to consider some debt consolidation on your shorter term debts to ease the cash flow pressure you may be feeling. This is ideal if you have used shorter term funding like credit cards or personal loans to complete home improvements on your home, and are now finding that the shorter terms and higher interest rates are causing some cash flow pressure, or you would just prefer to roll this debt into a single home loan repayment at a much lower interest rate.
Talk to one of our Mortgage refinance specialists today, and we can ensure that you are getting the best possible advice for your circumstances to save you money. As a Mortgage Broker, we are bound by the Best Interest Duty to ensure that any recommendation that we make to you is in your best interest, which gives you peace of mind when dealing with a Mortgage Broker for your refinance. This is why more than 70% of new home loans are now written by mortgage brokers.
Call us today to start your Mortgage refinance process.