Refinancing | Mortgage Broker in Hurstville, Penshurst, Mortdale
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What is refinancing?
When you have a home loan, you are required to pay interest on the debt equal to the interest rate associated with the loan. As a homeowner, it’s recommended that you compare your current interest rate with what’s available on the market to ensure that your rates are still competitive. This is because, as time goes forward, your home loan’s interest rates can fall behind the market, meaning you could be losing large amounts of value by having to pay more than you could be.
Refinancing alleviates this issue, as it allows you to cancel your current loan and select a new one, preferably with lower interest rates.
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Refinancing isn’t simply limited to reducing your interest rates, it can also be a fantastic way to capitalise on other opportunities, such as:
- Changing lenders
- Consolidating multiple debts
- Accessing equity for new properties
If you’re curious as to how refinancing can benefit you or are simply interested in learning more, reach out to Hurstville’s leading mortgage broker, Pramod Dhakal.
When is the right time to finance?
If you’re looking to refinance, you are most likely ready to start comparing your loan against the market or have already done so. In any case, it’s important to consider all the factors included in refining, such as:
- Are there any exit fees on your existing loan?
- Are there any loan features that you may not be receiving on a new loan?
- Is your loan’s interest rate only higher due to its structure? (E.g., variable or low doc loans)
Refinancing isn’t something to do on a whim, it takes considerable time and understanding in order to do both effectively and efficiently. If you’re not too sure where to start, you can also reach out to your local mortgage broker for advice. Mortgage brokers always have their finger on the pulse of the current market, so by simply getting to know your situation and goals, a broker will be able to assist and guide you with ease.
Refinancing Guide
If you’re interested in learning more about how refinancing may be suitable for you, check out our handy refinancing guide.
For more information on refinancing and how it may be suitable for you, contact Pramod Dhakal today on 0401 031 136.
Pramod is also able to assist with other aspects of the property market, such as:
