As expected by the majority of economists, the RBA has decided to keep interest rates on hold this month. After three cuts in five months, the official cash rate remains at a record low 0.75%.
Is it Time for a Home Loan Refinance?
Other than your mortgage, do you have other debts that you’d like to clear? Perhaps it’s time to consider refinancing your home loan.
Because mortgage interest rates can be substantially lower than, say, a credit card, consolidating all of your other loans and credit cards into your home loan can save you a considerable amount of money.
On top of this, you’ll be paying off these debts over a much longer period (associated with the length of your new home loan). Therefore, the monthly increase in payment is likely to be minimal, depending on the debt.
How to refinance your home loan
If you have a good credit rating, it’s worth considering it as an option. Although there’s a bit of paperwork involved, a seasoned mortgage broker will help through the home loan refinance process.
It’s our job to negotiate with lenders on your behalf to obtain the right option for you. Refinancing your mortgage has many benefits – give us a call and we’ll explain how it can affect your current financial situation.