Mortgage Minute: Refinancing
Refinancing is the process of replacing an existing loan with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or restructure their loan from floating to fixed
If you're coming off a fixed-rate mortgage term then it's smart to shop around, also if things change in your life or in the market it might be a good idea to revisit your current home loan and look at other options. The lower the interest rate, the more money you can put towards the principal and lower the cost of your loan overall.
Banks don’t usually offer the option automatically so you'll need to do your homework - which we can do…. using our large panel of banks and lenders to find the best deal for you.
And remember just because we placed you with a certain bank yesterday doesn’t mean that they are best solution for you tomorrow, as rates and lending criteria are constantly changing.
We can also help you restructure short-term debt into your home loan, which can save you money.
So if your current loan term is about to expire or are wanting to take a look at your home loan to see if it's still the most suited to your goals, give us a call on 03 441 1307 for a free appointment.