Since the July 2011 introduction of the ban on home loan exit fees, a refinance of your home loan has become far more simpler and cheaper, this has sparked the interest of a greater number of borrowers, who are now reconsidering their current finance commitments and home loans.
There are a number of key reasons why borrowers should consider a home loan refinance. Importantly, while your home loan might have been right for you when you purchased your property, there’s a good chance there might be a more appropriate product on the market that meets your changing needs.
Perhaps you’ve recently had a child and moved to one income, for example; maybe you’ve changed jobs and have greater earning capacity – all of these factors can influence the relevance of your mortgage.
Refinance for a purpose
As well as ensuring that your mortgage is right for your current situation, refinancing has a range of other usages.
You can refinance your mortgage to finance a renovation, free up funds to cover the deposit on an investment property, consolidate high interest rate debts, or even help your children raise a deposit for their first home.
The good news is that if you’d like to take advantage of refinancing your mortgage, it’s easy to arrange, however there a number of key points you need to consider, most importantly, there may be fees and charges associated – so before you make any decision to move your mortgage do your sums to ensure you will be better off in the short and long-term.
If you are unsure whether a refinance is right for you, give us a call, we can determine whether moving your home loaan is the best option as well as assist you with identifying the products most suitable plus coordinate the application process.