04 Jun Why You Should Refinance Your Mortgage During the Pandemic
Refinancing your home loan could potentially save you big savings each month, especially with interest rates sitting as low as they are.
Any step you take in saving money right now could be helpful in protecting yourself against the economic effects of COVID-19. Lenders have been dropping their interest rates and they are in competition to get quality customers. So if you haven’t checked your home loan for quite some time now, now is the right time to review it and see if it’s still working for you.
Why should you refinance?
These are the potential benefits you can get if you refinance your current home loan:
✔ Get equity from your property so that you have available cash
✔ Consolidate your debts into your home loan, reducing your repayments
✔ Get a more competitive interest rate than your current one
✔ Access to some lenders’ cashbacks for refinancing.
✔ Switch to interest only repayments or a loan that has an offset account
For those who have income security, refinancing might be able to help you repay your loan faster. If you place additional repayments, you can reduce your loan term and you pay less interest.
Why consider it NOW?
To put it simply, rates have never been lower and this means lower repayments. Circumstances may change in the next few weeks so lenders might be more conservative, thereby reducing the amount that you can borrow.
Moreover, this global health crisis has brought negative impacts to the economy. Now more than ever, it’s important that you look at your mortgage, your home and your property strategy. This is true for everyone but especially for investors.
How to start the refinancing process?
Refinancing requires a whole new home loan application. There’s a lot of paperwork involved and lots of documents to sign. Good news is, I can help ease the process! While you stay at home and staying safe, I can ensure you that I will take care of the legwork and we can chat via video call or a phone call for updates.
To officially start the process, all you need to do is grab your phone and give me a ring on 0408 081 082 and I can take care of the rest.
Have more questions, clarifications, or just want to see first if refinancing is the right move for you? Seek a no obligation consultation with me. 🙂
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.