Should I refinance my existing home loan?

Refinancing is the process of moving your existing home loan from one lender to another, or moving to another product. There are many advantages and a couple of factors to consider during the process of refinancing, however everyone should regularly check to make sure they have the most appropriate product for their situation and needs.

Benefits

There are many benefits in researching and perhaps subsequently moving your existing loan to another product or lender.

• You may be eligible for a lower interest rate
• You many be able to save on bank fees
• There may be a more suitable product for you available elsewhere in the market
• Your new lender may offer better service

Factors to consider

There are a several factors to be considered when looking to refinance your existing loan to another lender or product, including, but not limited to:

• You may have to pay a discharge fee to get out of your existing loan contract
• You many have to pay a registration fee for the new mortgage and an application fee to the lender
• There may be a more suitable product
• Your new lender may offer better service

There is no cost to have your existing home loan reviewed with the benefits of saving and paying down the debt quicker, far outweighing staying where you are and hoping that your lender is offering you the best rate. Enquire today to discuss refinancing your loan.

*This information is general in nature and does not take into consideration your individual circumstances. Please contact us for further information.