Refinancing your home loan can offer you greater financial freedom.
Is the grass really greener on the other side?
Refinancing your current home loan is a good idea if you want to lower your monthly repayments, access equity, accelerate repayments or consolidate debt.
What does a refinance mean in the long term?
When we refinance, be prepared for costs that will be associated with the move, the cost of refinancing needs to be weighted against any long term gain associated with the change.
We came across Stephen when times were very tough for us.... Lenders were not supporting our needs and after......discussing our situation in full with Stephen he came up with a plan where we could not only refinance our loan but also save us a great deal of money. We see Stephen as our savior and don’t believe that we could be where we are today if it wasn't for his support and efforts to see us through. We were never treated as just another number in the cue but as real people with real results, we now see Stephen as a friend, not just a Mortgage Broker.” Lou an Em, Brighton, Vic
What to look for:
- Will the refinance place us in a better position than we would be in if we stayed with our current loan?
- Does the extended time frame add a significant cost to the refinance?
- Does the refinance provide you with a measurable level of security in managing your home loan repayment?
- Does the refinance lower the interest payment and improve cash flow or accelerate the accumulating redraw?
In the current climate probabilities are, that if we refinance AND implement an accelerated repayment strategy, then we will give ourselves a very good opportunity of reducing the cost of the home loan. However, it is vitally important that we refinance into a product that improves our overall repayment strategy. Without an improvement in the strategy then we will add thousands of dollars in cost for each year our loan extends.
Typically we refinance for 2 main reasons
- To save money. Or
- As part of a wider investment strategy.
Will a refinance help?
With a proper analysis of our current circumstances, and a comparison between these and what is available as a new loan, we can quickly ascertain the amount of savings that the refinance will achieve on a year to year basis.
Will a refinance work for me?
Request an appointment with me and in 10 minutes we will be able to assess your ability to access loans on offer right across our lenders panel. It could save you thousands.