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Is it time to refinance?

One of the most important things to remember about your home loan, is that it’s not something you can ‘set and forget’. But if you haven’t thought about refinancing, you’re not alone; a 2016 survey* of more than 1,000 mortgage holders showed that 45% have never refinanced their home loan! Unfortunately, like most things in life, you need to always be on the lookout for the best deal and with interested rates changing and new loan products continually coming out, there may be a better deal for you than the one you have.

Why should you refinance?

The main reason that you should refinance is simple – to make you are getting the best value for your money. You should look at comparing your home loan roughly every two years to ensure you loan is still competitive and suits your current situation. Some of the things you should look out for when you’re looking at different loan options are more flexible loan options, better interest rates or access to new and different loan features like redraw options and offset accounts.

But before you get too excited, you will also need to factor in the costs of switching to another lender such as the entry, exit, application, valuation, fees and insurance as well as other ongoing charges.

Who can help?

One of the easiest ways to refinance your home loan, is to speak to a mortgage broker. Resolve Finance’s mortgage brokers are refinancing experts, having access to all the major lenders so they can find the best deal for you! Why not take advantage of one of our free home loan health checks? To learn more about refinancing your home loan, get in touch with us today to find out how we can help you.

 

*Source: https://www.mpamagazine.com.au/sections/market-talk/morning-briefing-almost-half-of-aussie-home-owners-have-never-refinanced-216237.aspx

Hints and Tips, Homeowners