Refinancing your home loan can help you save loads of cash or help you to achieve other financial goals. It's good practice to have a mortgage broker review your mortgage every couple of years to make sure you're getting the best deal. Below are the key benefits of refinancing.
One of the benefits of refinancing is having the chance to access equity you’ve collected in your home loan. This can then be used for things like renovations, investing, purchasing a new car, taking a holiday, or any other pursuit you may be able to think of.
Get a better rate
Another benefit of refinancing your home loan is to get a better interest rate to lower your repayments. If you qualify for a lower rate this could potentially save you a lot of money. This is one of the biggest benefits of refinancing.
Shorten the length of your mortgage
Refinancing can also help shorten the length of your mortgage by making larger repayments. This will lower the amount of money you spend on interest in the long run. This allows you to pay off the loan faster and gets you out of debt quicker.
Pay less in fees
Refinancing your home loan can also help lower the amount of money you spend on fees. Your current home loan may have built in fees for additional features like offset accounts or redraw accounts. If you refinance you might be able to drop these features or eliminate the fees for them.
If you would like to know how much you can save or have any other questions, please feel free to call us on 0487 344 352 for a free no obligation service.