If you are looking to refinance your home loan, it’s likely the first thing you’ll look for is the lowest rate on the market. Nevertheless, while researching different lenders’ comparison rates and calculating additional fees and costs, it can be a complicated process deciding which lender will help make the refinance process as easy and cost effective as possible.
That is why speaking to a Loan Gallery Specialist takes all the pressure off you. Our brokers assess your circumstances and do all the research for you, so you have the best options to pick from for your unique circumstances.
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Reasons to refinance your home loan
Still not sure if refinancing is the right move for you? Check out these common reasons refinancing could be the best move for you:
Paying off your loan faster.
By securing a lower rate, or more suitable product (i.e having an offset account), you can potentially save you thousands of dollars in interest over the life of the loan.
To lock in a more competitive rate.
Have you reviewed your loan recently? We can assist you in identifying if there are better rates available to you. A more competitive rate could save you interest and pay your loan off sooner.
Your property’s value has increased so you’re keen to access your equity.
Whether it’s for renovations, an investment, or debt consolidation, we can assist with finding the best fit for you, based on your requirements and goals.
You need cash for a major purchase like property investment.
If you’re looking to jump into the investment property market, we can help with structuring the loan, setting your limit and finding the right deal. You could be eligible to borrow 100%, plus costs depending on your personal situation.
You want to switch to a fixed rate at the ideal time.
Some people look for certainty in repayments for a period of time. If this is you, then a fixed rate maybe something to look at.
You’ve started accumulating large credit card debts and want to consolidate the debt.
Interest rates on a credit card are typically several times the rate on a home loan so consolidating your credit card into your home loan could help pay this off faster and save you interest. This type of structure can also help with your personal cash flow.
Your income has changed.
If your income situation has changed, it is also a good idea to review your options. If you have spare cash and would like to pay your loan off faster, you need a loan that has the flexibility to be able to do this or if you are looking at reducing your repayments we can look at extending the loan term or even having a period of interest only to assist with this.
You’re looking to get your finances back on track.
Do you have a few credit cards, a car loan and personal loan along with your home loan? How does just having one payment per month sound? By consolidating your debts it can help with cash flow and getting things back on track faster.
If you are thinking about refinancing but are still unsure and don’t know how to refinance a home loan, speak to a Loan Gallery Specialist. Our Brokers will discuss your goals and assess if refinancing may be the best option for you in the current market.