Refinancing your loan
Many borrowers are finding that refinancing their home loan can save money if you find a lower rate than your current rate or reduce the terms of your loan.
The money saved can be put towards renovations, an investment property, consolidating debt, school fees, helping your children set up home or on a holiday.
There can be costs associated with refinancing so you need to assess the long term benefits of a lower rate against these costs.
The Australian Government introduced a ban on mortgage exit fees on new loans from 1 July 2011.This will make it much easier for consumers to switch to a better deal.
Call Gail now on 0414 904 589 to discuss your loan options, or fill out the Contact Us form and she will call you! This is a free service which may save you thousands of dollars in interest.
Choose the right mortgage
Don't choose a new mortgage based purely on its annual percentage rate. Shop around, consider long term benefits and short term fees. Evaluate the terms that are put on any new loan and whether the interest rate is fixed or variable.
Consider refinancing with your existing lender
Your current lender already has a relationship with you, and has your financial history. Use this to your advantage and consider whether you may be able to get a better deal with them, rather than going to a new lender.
Remember that as your mortgage broker, Gail is an experienced negotiator – she is more than happy to talk to your bank, on your behalf. What other broker does that?
Ensure the costs of refinancing do not outweigh the benefits of a new loan. Research different lenders and loan.