Our Finance Mutual Australia brokers can carry out a home loan health check to explore whether refinancing is a viable option to improve your position.
What are the benefits of refinancing?
Depending on your unique circumstances, there can be many benefits associated with refinancing your home loan, including:
- Access to a lower interest rate and reduce repayments
- Changing your loan type to lock in a fixed rate or switch to a variable rate
- Accessing additional features not offered by your existing home loan arrangement
- Alter your loan term to extend or reduce
- Use the equity in your home to renovate or invest
Before heading down the refinancing path, we will take a thorough look at your current loan arrangement to determine if this is the right fit for you.
There are several areas to consider including:
- Any fees or charges that may be applicable when changing lenders
- If you decide to increase your loan term, this may result in increased repayments – this may also be the case if you decide to borrow a greater amount of money
- When refinancing, processes can often take time as you’re dealing with two lenders who follow their own procedures leading to potential delays
- It’s important to consider your reason for refinancing. If you find that you are refinancing to alleviate any financial issues you may be having such as debt, the best course of action is to speak with your accountant or a financial adviser first
Would you like to have a chat to our experienced brokers to discuss if refinancing is the right option for you? Complete our Home Loan Enquiry Form to get started.