With so many mortgage lenders in the market these days, both among the banks and the non-banking financial institutions, the competition for your dollar has never been higher. Combine that with official interest rates being at their all time lowest in Australia and it becomes no surprise that an increasing number of property owners with a mortgage are looking to refinance their home loan in order to get themselves the best deal. If you want the best possible interest rate for your home loan, speak to the mortgage refinance experts at Get A Loan today.
Reasons to Refinance Your Home Loan
In addition to receiving the best possible interest rates, there are numerous reasons why people might choose to refinance their loan:
- Those with a home loan might consider a mortgage refinance, particularly if they wish to use the equity in their home to renovate their property.
- Debt consolidation is a common reason to refinance a home loan. People with outstanding personal loan and credit card debts might choose to consolidate them into their mortgage and enjoy the benefits of paying off the loan with a smaller interest rate.
- If your mortgage is on a partially or fully fixed interest rate and you’re coming to the end of the term, refinancing gives you the opportunity to fix at a lower interest rate and access more and/or improved features of your home loan, such as redraw, portability and flexible payment options.
- A refinance of your mortgage also gives you the opportunity to shorten the term of your loan, perhaps enabling you to pay it off in 20 years rather than 30.
It’s always wise to speak to an expert in the field of loan refinance, as your options may be limited depending on the type of loan you have. Book an appointment with Get A Loan in Melbourne today to discover how we can help you.