Lets Talk Refinance!

It may have been awhile since you have had a look at your home loan. Refinancing your mortgage can be a strategic move to save money, reduce monthly payments, or tap into your home's equity. Understanding the optimal time to refinance and the steps involved can make a significant difference to your financial health.

Reasons to Refinance

• You want a loan that suits your current needs better

One of the primary reasons to refinance is to take advantage of lower interest rates. This could save you money while also helping you pay off your home loan sooner. Additionally you could be seeking a home loan with a better package offering, such as multiple offset accounts, or additional repayments. Your existing package might also not be as useful, so you might be wanting to switch to a basic product.

When was the last time you checked your loan?

• Improved Credit Score

Your credit score may have improved since you originally took out your mortgage, which will open you up to more lending options at better terms and lower rates.

Let us check your score without affecting it!

• You want to fix your home loan

Refinancing can help you switch from a variable interest rate to a fixed-rate mortgage, or vice versa, depending on your financial goals and market conditions.

Let's see which options make the most sense for you!

• Access Home Equity

Your property may have increased in value, this will allow you the ability to unlock a portion of this to renovate, or potentially take out money to consolidate other existing debts. You may even be looking to purchase an investment property!

How can your equity serve you?

Is it the right time to refinance?

Refinancing might not be in the best interest for you and your home loan as you may already be on the most suitable option. There is a possibility that refinancing could cost you more than it could benefit you. It is important to consider current interest rate trends, closing costs and your remaining loan term. When you refinance this will involve a complete assessment of your current financial situation.

Any of the above scenarios could apply to you, and if they do it would be a great time to get in touch with your mortgage broker to see how they can help you. Speak directly to your mortgage broker or contact our office on 08 9242 3300 or mail@hhloans.com.au.