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5 questions to ask about your home loan

It can be perceived that the idea of refinancing is too hard, or too costly, or simply not worth the effort required. If those thoughts have ever crossed your mind, ask yourself these 5 questions:

 

1.      What is my current home loan rate?

In my time in the industry, I’ve found that people often know exactly what their repayments are, but struggle to put an exact number on their interest rate. It’s just one of things we don’t notice. When was the last time you looked at yours? If it begins with a 4 I’d certainly advise getting touch with us.

 

2.      What could I save?


You may not be aware just how much you can save in the long run by refinancing. If you have a $350,000, 30 year loan with an interest rate of 5%, and you refinanced to a rate of 4.5%, you would save close to $38,000 in interest over a 30 year loan term. That’s around $1,200 a year back in your pocket.

 

3.      What are the costs involved?

A new lender is likely to have some upfront fees, which would include government charges involved as well. These can be different for each person’s scenario. If you are in a fixed rate loan currently, there could also be charges involved in exiting that arrangement. We can help with discovering these costs.

 

4.      What’s involved?


At Yellow Brick Road Campbelltown, we try to make the process as simple as possible. Before your appointment with us we will provide a list of documentation, we will require so that you are fully prepared from the initial meeting. Your wealth manager will then guide you through the refinance process.

 

5.      Is it worth it?

This is a question that can only be answered by yourself. We will provide all the facts and figures necessary for you to make the right decision. As stated earlier, even half a per cent reduction can save around $38,000 over the life of your loan.


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