25 May 2020|5 minute read
At a time when Australians are being inundated with data, it’s easy to be overwhelmed trying to work out what the right next move is.
Aussie Brokers are there to provide the 'know-how' to help you kickstart the process.
When it comes to refinancing there are a range of reasons why those who can, haven't done it yet.
But for most Australian mortgage holders it starts with feeling confused and, unfortunately, that could be coming at a financial cost.
Research commissioned by Aussie found 4 in 5 (78%) Australian mortgage holders are confused about refinancing, with 13% saying they don’t know what it is at all.
What’s more, 44% of mortgage holders say they have never even considered refinancing, despite 7 in 10 (69%) believing now is a good time to look into it due to low interest rates.
Watch former CEO, James Symond, and Kochie chat about why now is a good time to refinance.
Refinancing survey findings
Is there ever a right time for anything? Well, with the official cash rate currently sitting at a very low 0.25%, and plenty of home loans offering rates that start with a ‘2’, it may be a good place to start.
Add to that many Australians having additional time on their hands due to recent restrictions and changes to working patterns, and an increasingly uncertain financial outlook for millions of Australians, and it makes a compelling case for looking into a ‘home loan health check’ by an Aussie Broker.
Aussie Brokers specialise in home loans and can outline what's involved in the process, guide you through the steps in detail and help you understand what's available on the market, while assessing what you're eligible for.
Improving your interest rate by 1% through refinancing could put the equivalent of $2,000 tax-free into your pocket each year, based on an average mortgage of $400,000.
That’s money that could be placed in your offset account to further reduce your interest, reduce pressures on household finances, or be saved for a rainy day.
The research found that more than half of Australian mortgage holders (52%) believe using a mortgage broker will help them find the best rate, while 45% believe it will help them better understand their options.
The prospect of refinancing may seem overwhelming, but an Aussie Broker can help take the complexity and confusion out of the process.
They have access to a broad range of lenders, support you through the process from start to finish, and will take into account your individual circumstances while investigating whether your current home loan is the right one for you, right now.
For this research, Aussie asked over 1000 Australians about refinancing. To learn more, download the Cutting Through the Confusion of Refinancing report.