Home Loan Refinancing
Why Refinance?
From the outside, refinancing can seem like a hassle, but in some instances it can be a very beneficial move for your home loan.
Benefits of refinancing:
1. Secure a lower interest rate
2. Add or remove home loan features
3. Pay less in fees
4. Tap into your equity
5. Change to a fixed, variable or split rate home loan
6. Switch to a different lender
7. Consolidate your debt
8. Reduce or extend your home loan term
Refinancing your home loan can help you save.
With interest rates constantly rising throughout 2022 and into 2023, many home loan borrowers have found themselves in a difficult situation by facing higher mortgage repayments.
Fixed rate mortgage usually have a fixed term of between 1 to 5 years. If you don't take any action and let your fixed rate expire, you will automatically be placed on a variable rate offered by your current lender, which may result in your rate being higher.
Many borrowers may find that their is a better loan product out there. Refinancing will help you find a more competitive interest rate and loan product and a different lender.