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The RBA increased the interest rate by another quarter-point at the beginning of November, lifting the cash rate to a nine-year high of 2.85%. With further rises predicted, refinancing your current loan could help to save you thousands of dollars in repayments. But there’s some important things you should consider before making a switch.
Is your fixed rate interest mortgage period due to expire in the coming months?
Could you benefit from a lower loan-to-value ratio (LVR) if the equity in your home has increased?
Do you need to unlock equity to consolidate debts, make a new purchase or finance home improvements?
Do you aim to pay off your mortgage faster with increased payments?
Are there special conditions and exit penalties applied to your current loan contract?
As experienced finance brokers we work with you to review your loan, personal circumstances and goals to enable us to recommend appropriate loan solutions for your needs. Contact us today to see how we can help.