Considering Refinancing? You’re Not Alone!
The Australian Bureau of Statistics recently reported a significant increase in the value of external refinancing in May 2023. In fact, it rose by 8.1% to $21.0 billion, which is a 22.4% increase compared to the previous year.
With the Reserve Bank of Australia (RBA) implementing a series of cash rate hikes, many homeowners are reevaluating their home loans, interest rates, and loan features. However, the abundance of mortgage products available on the market can be overwhelming when it comes to choosing the right one for you. That’s where we come in to help.
As mortgage brokers, we play a vital role in providing you with customized choices based on your needs. Here’s how we can assist you:
1. In-depth knowledge of the market
The mortgage industry has undergone significant changes in recent years. In the last year we’ve seen rising interest rates and banks have put in place stricter lending standards.
It’s crucial to have a professional broker by your side who understands these changes and can recommend products that align with your financial situation and goals.
2. Tailored finance solutions
There’s no one-size-fits-all mortgage because everyone’s financial situation and goals are unique.
We take the time to understand your specific requirements and search for a loan that will meet your needs.
3. Wide rang of choices
We compare a wide range of lenders and products to find the right one for you. We might also be aware of home loan offers or lenders that are not mainstream or well-known, opening up other opportunities.
We also do all the legwork for you, which saves you time doing your own research.
4. No or low cost
Mortgage brokers are paid by lenders, which means there’s usually no cost to you.
The commissions we receive are similar across lenders, ensuring that we have no incentive to recommend one lender over another. Our primary focus is always acting in the best interests of our clients.
5. Simplifying the process
Refinancing may seem daunting, especially if you’re already experiencing financial stress in today’s climate. But, it’s worth the effort, particularly if it helps you manage your mortgage repayments and the increasing cost of living.
We take the burden out of refinancing. By assessing your financial situation and requirements, we explain the available options to you. If we find a more suitable home loan, we’ll handle the communication with the lender and facilitate the refinancing process on your behalf.
Common reasons to refinance
Here are some of the common reasons people choose to refinance:
- A more competitive interest rate
- To make the most of interest-saving features like offset accounts or redraw facilities
- To access equity for renovations, additional properties or other financial goals
- To consolidate debt.
If you’ve been avoiding looking at your home loan since interest rates started going up, it’s time to take control.
Contact us and we’ll see if we can find you a better home loan that suits your specific needs.