Refinancing could mean improved savings
In a rapidly changing mortgage market, the loan that you committed to many years ago may no longer be right for you. That’s why it’s important to shop around for a deal that suits your current needs.
This can be achieved through a simple home loan health check, which is quick, easy, and comes at no cost to you with an Aussie Broker. 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 lower rate by switching to a new loan or lender (or both).
It’s important to note that if you choose to refinance, it may come with costs – mainly discharge fees on the old loan and application fees on the new loan. These costs vary between lenders, so you need to do your research and make sure refinancing is the right move for you and your circumstances.
While thinking about refinancing, you might want to consider a product with a cashback incentive. Due to increasing competition between banks, some lenders may actually give you money to refinance your mortgage with them. This may be paid through gift cards or in the form of cash when you settle a home loan. You can even choose to spend the money or use it towards your home loan.
But beware a deal that seems too good to be true. 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 guide you to select the product.
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 assistance, speak to an Aussie Broker. They’ll be able to help you find the right loan from our panel of over 20 leading lenders^.