Whether an investment property or your family home, there has never been a better time to look into refinancing. Cash rates are at an all time low and banks and mortgage brokers are literally fighting to gain your business.
First off, for those who aren’t fully aware of what refinancing entails, it basically refers to the practice of using a new loan to pay off your existing loan. The benefits of refinancing could include lower interest rates, terms that suit you better and/or offers or incentives for switching to a new lender.
Most home owners know that it is recommended to review your loans yearly. However, how many of us can honestly say that we are doing this?
For the majority of us, a mortgage is signed, repayments are made, and the whole thing is tucked away- with nothing but a burden of debt left weighing over our heads.
So, why not see if there is a better option out there? Odds are that circumstances have changed since you originally settled on that particular mortgage rate.
It is important to note, there is no ‘one approach fits all’ or equation to calculate how much the average person can save. Each individual case is unique and savings will vary from person to person. Yet, looking into refinancing can allow you to see whether or not you can be saving money on your mortgage and more importantly, reducing the amount of time spent repaying it.
So why now?
– Historically low interest rates creating home loans as low as 1.79%*
– Incentives being offered- as much as $4k cash back on certain refinances with certain institutions
– Consolidating several loans or debts into one package can help you to be more financially organised
With no risk and a high reward potential, there is no better time to review and potentially refinance your current home loans.
*this rate will not be available for everyone and is just an example.