Apr 13 2019

Should I refinance my home loan? Mortgage Choice

#home #loan #refinace

Should I refinance my home loan? Mortgage Choice, NEF2.COM

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Why refinance my home loan?

Secure a better interest rate

One of the key reasons home owners choose to refinance their loan is to secure a lower interest rate and reduce their monthly repayments. However, refinancing can come with some costs. so it’s essential to weigh up the savings of refinancing against the expense involved.

Switch between variable/fixed rates

If you’d prefer the certainty that repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Conversely, you may decide you’d like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.

Access equity in your home

Your home is likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals. Find out more about accessing your home’s equity .

Consolidate debt

Refinancing your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you’re paying on multiple debts through the process of ‘debt consolidation’. It means folding several high interest debts into one lower rate debt – which could be your home loan – and may reduce your total monthly repayments.

However, it’s important to note that debt consolidation can come with some downsides. It can turn a short term debt like a personal loan into a long term debt (your mortgage), and that means paying interest on the balance for a much longer period which could cost you more in the long run. For debt consolidation to be truly cost effective, you need to commit to making additional repayments to pay off the enlarged loan as quickly as possible.

Access additional home loan features

You may wish to explore a loan that includes:

  • Flexible repayments
    Making extra repayments at no additional cost to help pay off the loan sooner.
  • Repayment holiday
    A break from repayments or reduced repayments to cover career changes or breaks e.g. maternity leave.
  • Offset account
    Having a savings or transaction account linked to your loan. The balance of the linked account is deducted from, or offset against, the balance of your loan when the monthly interest charge is calculated.
  • Redraw facility
    Enabling you to withdraw any additional repayments you have made on your loan. Handy if you need cash in an emergency.
  • Flexible rate options
    Dividing your rate between fixed and variable components, or even making interest-only payments for a period.
  • Loan portability
    The ability to take your loan with you when you move from one home to another without the expense and hassle of arranging a new loan.

Mortgage Choice broker tip

Moving from a variable rate to a fixed rate, and vice versa, doesn’t always have to involve refinancing. Your lender may be able to provide this option without the need to switch from one loan to another, and this is an area where your Mortgage Choice broker can offer valuable insights.

Could refinancing be right for you?
Talk to us today.

About Mortgage Choice

Established in 1992 by brothers Rod and Peter Higgins, Mortgage Choice was founded with the aim to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.

Since that time, we have grown and developed into a fully fledged financial services provider, and our founding principle remains very much at the heart of what we do.

Over 20 years of industry experience has taught us that you want advice you can trust and understand, from experts who have your best interests at heart. We now have the ability to deliver this across various financial products, including home loans, financial planning, car loans, personal loans, commercial loans, asset finance, deposit bonds, as well as risk and general insurance.

Win $20,000 competition terms and conditions

Promotion starts Monday 30 January 2017 and ends Friday 30 June 2017. Draw at 16:00 hours AEST on Friday 14 July 2017 at the offices of Salmat Digital Pty Ltd, Level 2, 116 Miller Street, North Sydney, NSW 2060. The winner(s) will be notified by phone and confirmed by email on Monday 17 July 2017. Permit numbers LTPS/16/10297; ACT TP 16/02556; SA T16/2318. For full competition terms and conditions click here.

#The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

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