There are many factors to consider before taking the plunge to refinance your loan.
Are you unhappy? Is your current lender providing you with the products or service that you want, or do you feel that you could do better?
Do you want to pay your loan off more quickly? It may be that your current loan isn’t the most efficient way to do it.
Have your circumstances changed since you first took the loan out? A change in situation is the most common reason for refinancing your loan.
Do you need to consolidate your debts? One loan may be easier to service, and more cost efficient.
Are you considering a re-mortgage of an investment property? You’ll need to look at your primary loan first.
Do you plan to renovate in the near future? A new loan could be a better option than taking out another loan.
Are you considering any significant purchases that might require you to reconfigure your home? Again, a new loan of an existing loan may be the best option.
Do you want to refinance so you can switch from a variable rate to a fixed rate, or vice versa? It’s best to look at your loan as a whole.
Is your current interest rate higher than average? You may have arranged a low-start, rising-rate loan and now want a better deal.
Do you have savings that are earning interest? You can apply this to your loan in an Offset Account.
There are many reasons to refinance a loan, but it’s only worth doing if it will be of benefit to you, give us a call and we can help outline your options.