The mortgage market never stands still – and neither do our lives, so it makes sense to see whether your loan/s are still meeting your needs.
Rest assured the banks/lenders want your business and they’re ready to compete for it. At the moment variable rates are as low as 4.73% and some lenders are offering as much as $1,500 towards your refinancing costs if you switch to them.
But you don’t even have to switch lenders to get a better deal – we recently negotiated a huge 1.2% interest rate discount for one of our clients [who was thinking of refinancing] – with their existing bank!
The first thing you should do is check what interest rate you’re currently paying. You can find this on your latest loan statement or via your lender’s internet banking.
If you’re currently on a variable rate, it might be the time to lock in record low interest rates by fixing all or part of your loan. Fixed rates are currently as low as 4.69% for 3 years, however 85 lenders recently increased their fixed rates so deals like this might not be around for too much longer.
You should also take a look at the features your current loan offers. Perhaps you weren’t in a position to make extra repayments when you first took out the loan but things might have changed and features like an offset account or redraw could now be important to you.
In addition to getting a better rate and loan features you might also be able to save thousands in interest payments by consolidating any high interest consumer debts [credit cards, personal loans etc.] into your home loan.
We recognise it’s a busy time of year however, if you get in touch with us within the next few weeks we can have everything sorted out for you before Christmas – that’s one less new year’s resolution to make!
Taking a few minutes today to give your loan a check over will give you peace of mind for the year ahead.
It’s always a good time to see if you can save money so call or email us back today for a chat.
P.S. For more on why refinancing might be right for you click here
Sam & Matt
>> Adelaide’s Best Home Loans +plus more…