Shop around to save money and get a better deal.
In a rapidly changing mortgage market, a loan that was highly competitive back in the day, can quickly lose its lustre. This is why it can pay to shop around for a better deal.
This can be achieved through a simple home loan health check, which is quick, easy, and best of all, with an Aussie Broker it comes at no cost to you. It may turn out that your home loan still ticks all the boxes in terms of features and a competitive rate. But it could also show that you could save money with a better deal by switching to a new loan.
It’s important to note that if you choose to refinance it can come with costs – mainly discharge fees on the old loan and application fees on the new one. These costs vary between lenders, so you need to do your research and make sure refinancing is right for you.
You could save money with a cash back incentive
While thinking about refinancing you might consider a product with a cashback incentive. Due to intense competition among banks, some will actually give you money to refinance your mortgage with them. This can be paid through gift cards or in the form of cash when you settle. You can choose to spend the money or use it towards your home loan.
While these gifts sound enticing, it is important to remember that selecting a home loan is an important decision and it’s the interest rates, fees and the flexibility of the loan that should be the reason you select the product, rather than the bonus.
Use our savings calculator
To work out what your monthly repayments might be and how much you could save through refinancing, you can use our repayment calculator. Simply enter some basic information and it will give you an idea of how much your monthly repayments might be.
However, this calculator is only a guide. To get the right home loan advice speak to our mortgage brokers. They’ll be able to help you find the right loan in amongst thousands across the market.