Refinance Home Loan.

Who and Why

Refinancing or restricting your loan can often bring some very easy to obtain and unexpected benefits. Like many other things, loans get out of date, new products are introduced, and better rates and fees are offered to attract new clients. Often with loans, we take what we are offered at the time so we can purchase our home right away. However, with a little more exploration and know how you can often find a better deal. This means you should do some research to try and understand all the options that are available to you as opposed to the one option your bank offered when you first took out the loan.

The market is very competitive and many lenders offer better rates to new clients rather than their existing clients – which of course seems wrong given that you would expect lenders to look after their existing clients better than that.

With a bit of work and research you can figure out if you’re getting the best possible deal or not. However, it does get technical.

  • What are the security ratios?
  • What repayment options do you have?
  • Is their offset or redraw available?
  • Does the lender you are looking at have branches?
  • Is the lender internet based?
  • Does it really matter if they’re online or branch based?

One consideration to keep in mind is that online lenders can often secure better deals than those with a local brand. Just as the products that lenders offer change, so do your needs when it comes to mortgage refinancing.

Refinancing your loan can bring these benefits with minimal to no moving costs, plus the incentive of ongoing savings every month. It is important however to take the time to fully research the intricacies and understand the opportunities and the pitfalls.

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