Is now a good time to refinance?
Mortgage Choice - Jody Shadgett
Finance, Investment Loans, First Home Buyers
When done properly under the right circumstances, loan refinancing can be very beneficial and may save you $1000’s each year. However, there are drawbacks involved - namely the cost. The reasons for refinancing should be legitimate and the long term savings should definitely outweigh the short-term costs.
When to refinance
Your lender’s rate isn’t as competitive as other lenders in the market
There is a major change your financial situation.
You need funds for renovations, invest in another property or you need cash out
You want to fix your home loan as interest rates are rising
You want to consolidate other personal loans or credit card debt (which usually has a high interest rate around 20%) and only want one monthly repayment
When NOT to refinance
You are planning on moving or selling the property soon
You have high exit fees on your exiting home loan
Your credit history has suffered with outstanding debts, this will make it less likely you’ll get a good rate
I have helped clients save over $500.00 per month on repayments with refinancing. If you would like me to review your current loans as see if a consolidation or a refinance can help you free up funds each month please call Jody Shadgett on 0447 573 865 or email me at [email protected]
, First Home Buyers
, Investment Loans
, Real Estate Insurance