Being loyal to your home loan lender could be costing you thousands of dollars over the course of your loan term. The mortgage market today is competitive, with plenty of lenders offering great deals to all types of borrowers, desperate to win your business off their competitors, especially if you’re already seen as a safe and reliable investment. Refinance your home loan and you could end up with a cheaper home loan which better suits your needs. Refinancing is also an opportunity to consolidate other debts with your home loan to package everything up into one easy and manageable payment. Home loan refinancing is also a great opportunity to lock in a fixed interest rate if you’re sick of continually receiving letters about how your variable interest rate has increased.
Refinancing your home loan is when you either take out a new home loan with a new lender, or negotiate a better loan with your existing financial institution as you may have proven yourself to be a lower risk borrower by staying on top of your repayments consistently, increasing your attractiveness as an investment to lending institutions.
The point of home loan refinancing is almost always to secure a lower rate of interest that will save you money on your monthly repayments can have a dramatic impact on the life of your loan and how much you end up paying back overall.
It’s worthwhile investigating the possibilities of refinancing if your situation has changed such as you have a new/another baby, you want to buy a bigger property or you feel you are locked into interest rates above market value.
With Easy Finance, it’s in our interest to get you the best rate possible. We use our relationship with a range of different lenders as leverage to fight for the best deal available to your individual financial circumstances, resulting in a rate that would otherwise be inaccessible through regular customer/bank negotiations.