It pays to be vigilant to ensure that you are getting the best deal for your home loan

Refinancing is the process of replacing your current home loan with a new one, usually to obtain a more favourable deal.

Competition for mortgages amongst lenders is fierce in the home loan market. Lenders are constantly striving to improve their interest rates and loan products to compete for a bigger share of the loan market. It pays to be vigilant to ensure that your original loan is still working in your favour, making it worth your effort to explore the market. Refinancing your loan may allow you access to a more competitive interest rate, helping you to make significant savings.

As your life evolves and your circumstances change, you may want to reassess the features of your loan to ensure they are still meeting your current needs. This may involve switching between a fixed and a variable rate loan, a different loan term or a loan that offers more flexible features like redraw, interest offset, or a line of credit. We are here to help you explore if there are options that would be more beneficial to you in the long term, while taking into consideration the potential exit and entry fees associated with refinancing. For a complimentary home loan health check, contact us today.

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