Reasons for a Home Loan Refinance

Are you considering refinancing your home loan?

Your current home loan might have been a great deal when you first got it, but banks are competitive, rates change and lending products evolve. Your home loan simply might not be working as hard for you as it could be. Even worse, your home loan could be costing you money.

Perhaps it’s time to consider a mortgage check-up to see if yours is the best home loan to suit your situation.

Why Refinance Your Home Loan?

Most people refinance to access more flexible mortgage options or to switch to a lower interest rate or to seek out a lender with less fees and charges.

When refinancing, you might choose to consolidate some of your other outstanding, high-interest debts into one mortgage with a lower overall interest rate. This means you’re paying lower interest and in many cases you can even reduce your monthly repayments, which frees up your cash flow.

It’s also possible to refinance your home loan to access any unused equity in your home to use for renovations, or even to purchase an investment property.

Is a Home Loan Refinance Right For You?

A home loan refinance can mean great benefits – but be sure to get a mortgage quote from a professional mortgage broker before you jump into anything.

You need to be clear about what you’re hoping to achieve by refinancing. Discuss your goals and aims with your mortgage broker before making a final decision.

Who Has the Best Home Loan?

This is the question every mortgage broker hears most often. The best home loan is the one that suits your individual needs and circumstances.

Your financial situation will never be the same as that of your friends or family, so trying to copy the home loan solutions they’ve chosen might not be the best option for you personally.

You need to consider what aspects of a home loan will fit to your personal budget, your own goals and your own needs.

Which is Better? Fixed or Variable Rates?

As with the question before this one, the answer depends entirely on you. Banks and lenders will often be happy to package a home loan around your individual needs. Your mortgage broker will know which packages would suit your personal budget and circumstances.

How Do You Refinance Your Home Loan?

Speak with your mortgage broker about your goals and needs and discuss what options are available to you. A broker will happily explain what options are available to you. In many cases you could reduce your interest rate, consolidate other debts or perhaps even free up some extra cash.

You might find that refinancing could save you thousands of dollars in fees and interest charges.

Contact one of our professional mortgage brokers and ask for a no-obligation home loan quote today