Refinance
When should I refinance my home loan?
It depends. As a general rule you should review your mortgage every 12-months to make sure your current interest rate is competitive, and to consider your options.
It can be a challenge to achieve this when you are also balancing your time with family, work and other commitments.
That’s were Happy Loans Co. can help - my aim is to make the home loan refinance process as simple, easy, and efficient as possible.
With interest rates continuing to rise, and low fixed rates expiring in 2023, family budgets are going to be put under pressure. It’s now time to review your mortgage to see if you can benefit from refinancing.
The potential benefits of refinancing include:
A more competitive interest rate for your loan (lower repayments).
Take advantage of the cash back offers lenders are providing to encourage you to switch (in some cases this can be up to $5000 - conditions apply).
“Cash Out” to access equity, enabling you to set funds aside in an offset account - you can save these funds for a rainy day, use them for future school fees, or for your next investment.
Consolidate other debts (car, credit card) into your home loan.
Below is an example of the savings you could make on a $500,000 30-year loan (fees and charges apply):
Is it too difficult/complicated to refinance?
It is easy to call your bank and ask for a pricing request to see if they will lower your interest rate, but you still need to compare that to what other lenders are offering. Refinancing can be a challenging process, I wouldn’t recommend doing it by yourself.
At Happy Loans Co., we take care of the refinance process for you, and present options based on your overall short, medium and long-term goals.
If you would like a complementary review of your current loan to see how you may benefit from refinancing, you can contact me at luke@happyloans.au, on mobile 0411 104 117, or return to our home page and click on start here.
