Is Your Mortgage Still Right for You?
Your mortgage was perfect when you first got it. It suited your income and lifestyle. But life changes, and so can your home loan.
What's Changed?
Maybe you've got a bigger family, a better job, or want to renovate. Or maybe you’ve found a better deal. Whatever it is, refinancing could help.
What is Refinancing?
Refinancing means paying off your old mortgage and getting a new one with better terms. It’s not just about changing the interest rate. You might also change the loan term or how much you borrow.
Why Refinance?
- You can't afford repayments: Life happens. Maybe you lost your job or had a baby. Refinancing might help.
- You need money for renovations: Your home's value has probably gone up. Use that to fund improvements.
- Your income has increased: Great! Pay off your mortgage faster or borrow more.
- You’ve had a windfall: Use extra money to pay down your mortgage.
- You're sharing th home: If you're moving in with someone, you might refinance to a joint mortgage.
Costs of Refinancing
Refinancing can come with costs and you might have to pay:
- Break fees to your old lender
- Legal fees
- Valuation fees
- Repayment of any mortgage incentives
When to Refinance
Generally the best time to refinance is when the savings outweigh the costs. You'll want to start exploring options before your fixed term ends.
Working with a Mortgage Broker
A mortgage broker or home loan adviser can help find an arrangement that's optimal for your situation. They work with a wide range of banks and non-bank lenders and can guide you through the process.
If you're wanting to explore your mortage and refinancing options with an award-winning Finsol home loan adviser, send us a few details here.
This article is for informational purposes only and should not be considered as financial advice. It is always recommended to consult with a qualified financial professional before making any financial decisions based on your individual circumstances.
