Refinancing refers to changing the terms of your existing home loan. Whilst loans are on a contract, you can still speak to a broker to review your financial strategy and existing agreement.
Reviewing your home loan can be done for many purposes, such as decreasing the amount that you pay, consolidating your debts, or allowing you to pay your loan off faster. Ultimately, refinancing gives you the freedom to ensure your home loan terms suit your lifestyle.
Below are four reasons you need to consider:
- Getting yourself a better deal. Paying too much on your home loan?
Review your financial strategy with your broker, as you may be eligible for a lower rate. IntereInterest rates can drastically influence how much you’re paying on your home loan. Speaking to a broker to refinance your loan could allow you to get a discounted price on your loan and save you money in the long run.
- Learn more about your loan. For most people, a home loan is a long-term commitment, so why not learn about it?
Things are always changing, and home loans are often sought with a‘set-and-forget’ mentality, causing you to miss out on lower prices or different terms that are better suited to you. Speaking to a broker can provide you with necessary market intelligence and a deeper understanding on the specifics of your home loan. You can contact your local broker today and discuss a review of your loan agreement and options.
- Go at your own pace. Speaking to a lender about refinancing your home loan can give you some control over the duration of your loan contract.
Getting your loan refinanced to make more lump-sum payments, due to price reductions. This can help greatly in paying your loan off more quickly.
- Using equity release. Your lender can grant you equity to use if the price of your property rises over time. Your equity amounts to the difference between the value of your property and the amount that you still owe on it. Speaking to a broker regarding equity that you may own is a great way to use your home loan debt as a way to benefit you. A common strategy is to use your equity to perform renovations or extensions on your home to drive the property value up even further.
Interested in learning more? Book your complimentary session with Clifton Hill’s leading mortgage brokers today. In addition, you’ll receive a personalized loan analysis spreadsheet from a Clifton Hill Advisor. Our spreadsheet will allow you to learn more about your current loan situation, analyse your current rates in detail, and compare them with the benefits that we can offer to you.
To get in touch with your local YBR Clifton Hill Advisor, contact the team today on 03 9481 1400 or Click Here.
*The information on this blog contains general information and does not take into account your personal objectives, financial situation or needs. If you require further information don’t hesitate to contact the branch directly.