Menu
Menu
The pandemic has given many Aussies the motivation and time to take a closer look at their finances.
Whether it is job insecurity, spending more time at home, or the inability to travel far, everyone is looking at ways to save money to get through this.
The great news is that you can potentially save thousands over the term of your home loan with a number of refinancing options.
With record-low interest rates and many lenders offering a wide array of incentives to switch, NOW could be the right time to think about refinancing your home loan.
Whether your mortgage is no longer meeting your requirements, you have found a better interest rate, or in the midst COVID-19, you have experienced a significant lifestyle change – many Aussies are leveraging the money-saving features of the competitive home loan market.
In the last quarter of 2020, the RBA (Reserve Bank of Australia) decided to make additional modifications to the cash rate, slashing it to an all-time low of 0.1%.
Later, the Central Bank indicated that the rate would stay at that level for the next three years.
This move gives potential buyers and home loan holders a sense of certainty.
Deciding the right time to refinance your home loan will depend on your financial and personal circumstances, including your earning potential and job security, among several other factors.
If you are experiencing difficulty meeting your debt repayments, you may want to consolidate your other debts into your home loan.
So, you have one manageable payment instead of several.
Consolidating your debts into your home loan can be an efficient way to minimise your loan repayments.
Check out our loan repayment calculator to find out what your repayments could be on your home loan.
With the interest rate at a record-low, it is the right time to explore refinancing.
Use a home loan comparison calculator or connect with our property lending specialists for a free consultation to compare the varied rates available in the market.
If your lender’s rate is no longer competitive, it is about time to consider a different lender to lower your interest charges and monthly repayments.
Generally, most lenders prefer borrowers with a steady and reliable income source.
However, COVID-19 changed the situation for many.
Low-risk borrowers are always the favoured choice for lending institutions.
If this scenario does not suit you because of a change in circumstances, you still can consult lending specialists to explore all possible solutions.
Over the years, your property’s value may rise, that is when your equity builds up.
In such a scenario, if you require funding for significant personal spending like home renovation, a child’s education or a new car, you can consider cash-out refinancing.
This strategy can also be cost-effective as home loan rates are lower than personal loans.
As a general rule, you should do your home loan health check up every two-three years, not only in terms of refinancing but also to be sure that your loan is structured in the best possible manner.
Let’s connect for a free consultation to discuss your options and weigh the benefits and risks involved.
We’ll help you decide on the timing of your refinancing application.
Just call me directly on 0435 856 649 for a quick chat or send me a confidential obligation free enquiry online.
Steve Barker
Loan Consultant
Ph: (08) 8263 4009
Mob: 0435 856 649
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”