Considering refinancing your home loan?

Before you lock yourself in for another term, make sure you’re getting the right information and the right loan, from the right lender.

We’re all supposed to take ourselves to the doctor or dentist to have a regular check-up. It makes sense to have an expert give us the once over and make sure our heart’s beating properly and our teeth are looking pearly.

It makes just as much sense to regularly review your mortgage

Just as you would have an annual check-up with your doctor, you should book an annual review of your loans with your broker. This gives you an opportunity to examine the state of your finances and take note of what is available in the mortgage market.

There’s a number of reasons you would want to refinance your mortgage. These include:

• You’re coming to the end of your initial term (e.g. end of 2-year fixed period) and your payments are about to increase

• You’re on your lenders standard variable rate (SVR) and there’s been changes in the market

• You’ve realised it’s too expensive to move to a new house (or if you sell, you won’t get back in to the suburb), so you want to renovate or extend

• You want to raise capital for a major purchase i.e. school fees or a new car

• Your circumstances have changed, and you want to increase or decrease your monthly payments

• You want to change the length of time your loan is to be repaid

• You want to use the equity you have for investment purposes (property or other)

• You want to consolidate your debts into one payment e.g. car loans, personal loans or credit cards

• You’re looking to move to a new house, and want to rent out your current property

Whatever your reason for refinancing, the process is usually quick and easy. More importantly, it can put you in a much better financial position.

Let’s talk about refinancing options.

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