5 signs it might be time to refinance your home loan
With interest rates moving considerably over the past 12 months, homeowners might be sitting on a loan that no longer suits their situation. Here are five signs it might be worth a review.
You haven’t reviewed your rate in over a year - Lenders regularly offer more attractive rates to new customers than existing ones. A mortgage broker can help compare what’s available.
Your fixed rate term is ending - Rolling onto a variable rate at expiry doesn’t always deliver the best outcome. Before your fixed term ends is a good time to review.
Your equity has grown - If your property has increased in value, a lower loan-to-value ratio may qualify you for a lower rate or allow removal of Lenders Mortgage Insurance.
Your credit position has improved - A stronger credit history or higher income since you first borrowed may mean you now qualify for products that weren’t previously available.
Your needs have changed - A growing family, change in income or plans to renovate can all mean your current loan structure no longer fits.
A mortgage broker can help you compare your options across a range of lenders.
DISCLAIMER
This is general information only and is subject to change at any given time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
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Australian Credit Licence 511699
Source: Outsource Financial