Home Loan Refinance Tips!
Refinancing your home is a big decision that a lot of Australians consider throughout their home loan journey.
There are some costs to consider and you really need to take a long-term view of your individual scenario before signing on the dotted line.
In some instances, the upfront costs could easily be outweighed by the possibly thousands of dollars you'll save in interest and fees over the life of the mortgage if you choose the right home loan refinance solution.
Here are some tips to consider making sure that you get the most out of your home loan refinance.
- Avoid sending loan applications to multiple financiers in hope that one will say yes. This is likely to reduce your credit worthiness and chances of being approved for your home loan refinance.
- Make sure the lower interest rate being offered is for the life of the mortgage and not just a honeymoon rate that reverts to a higher than normal rate after a certain period.
- Make sure you can make additional repayments to your mortgage without being hit with additional fees and charges.
- Compare all the costs of any new mortgage, not just the headline rates. Most mortgages have different application fees, ongoing fees and exit fees.
- Consider a light option mortgage which will give you the basic features that you need, not the home loan refinance with all the bells and whistle that you'll likely not take advantage of over the home loan term.
- Using comparison rates to compare different mortgages can help because the comparison rate will take into consideration other costs associated with the mortgage such as regular fees and not just the interest rate.
- In working out your loan affordability, factor in potential further rate increases so that you are prepared for increases to your minimum repayment amount in the future.
Do You Have More Questions?
Fox Finance Group is one of Australia's leading personalised financial service organisations. We have spent many years getting things right so that you can rest assured that you are getting the very best financial advice available on the market today. We work for you, not the banks, plus we can have a loan pre-approved ready to go the same day!
As a Fox Finance Group Client, you have access to your very own Accredited Loan Specialist along with access to your very own Qualified Financial Planner. Our team comprises of specialists with many years' experience in Car Loans, Home Loans, Bike Loans, Boat Loans, Jet Ski Loans, Camper Trailer and Caravan Loans, Truck Loans, Personal Loans, Business Loans, Insurance, Financial Planning and more. Yes, we have a large team here at Fox Finance Group ready to help you.
We pride ourselves on the unique personalised service that we provide our Clients. Your Loan Specialist can help you either over the phone, via email, at your home, at your work or at your own business. You get their direct email address and mobile number, which makes it easy for you to stay in contact with them when you have questions.
If you are keen to learn more or you are ready to act now, you can contact us on 1300 665 906 or you can get started here.