At The Loanary, we have access to a pool of diverse lenders including major banks and non-bank lenders.
Our team will help you secure the most competitive loan solution, then guide you through every step of the loan process.
Is your loan still a fit for you?
If you’re considering refinancing your loan, it’s important to weigh up all the pros and cons before making a decision. Refinancing can save you money if done correctly, but it can also end up costing you more if you’re not careful.
Here are a few things to consider before refinancing:
– Is your current loan still suited to your needs? If it’s been more than 6 months since you last had your loan assessed, it could be time for a review. Circumstances change and so do products available from lenders, so it’s important to make sure you’re still getting the best deal possible.
– What are the fees involved in refinancing? Some lenders charge exit or break fees, which can add up to a significant amount of money. Make sure you factor these in when weighing up whether refinancing is right for you.
– What are the new interest rates? Interest rates on loans are constantly changing, so it’s important to compare the new rates with your current rate before making a decision. You might find that refinancing isn’t actually going to save you any money.
If you’re thinking of refinancing your loan, make sure you do your research and speak to a finance professional to explore options open to you.
If you are unsure if you should refinance, we have listed a few reasons why people refinance below.
Your life has changed
Your finances change as your needs do and your home loan is no exception. If you’ve had a home loan for a few years now, it’s safe to assume your life has changed in that time. Promotions, marriages, divorces, children are examples of changes that can have a knock on effect through life.
Refinancing will allow you to ensure your home loan is still in line with your needs and goals.
Pay off your loan faster
That promotion we touched on earlier? Going up a pay bracket may allow you to make larger repayments which will help you pay the debt sooner and cost you less in interest over the term of the loan.
To access equity and purchase investments
If you purchased in an area that has experienced home value growth while you’ve been paying down your mortgage, you may have a substantial amount of equity in your home.
Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.
Contact Us
Our team will help you search, choose and settle your loan. Contact our team for more information on your loan options.
General Enquiries
0401 480 300
English