When was the last time you did a home loan health check?
Getting a better deal on your loan.
Any clue what the interest rate you are being charged on your mortgage? Do you know how that stacks up against current lender products and hot offers?
Refinancing your loan could give you access to a more competitive interest rate, especially if you have had a home loan for a few years.
If you are unsure if you should refinance, we have listed a few reasons why people refinance below.
Your life has changed
Life is always changing, that’s why its exciting!
If you’ve had a home loan for some time, chances are its been with you during at least one major life event. Having or expanding a family, getting a new job, being promoted, getting married. Equally, you might be near the end of a fixed rate term or interest only period so now is a great time to find out what your options are. All of these things can add up to major changes that your home loan may no longer be the ideal fit for.
You want to pay off your loan faster
How does paying off your home loan early sound? Dream come true right?
If your circumstances have changed over the years since you signed up for your loan, you may also be able to structure your loan and get more out of it by accessing features such as a redraw facility or an offset account. By paying your salary into an offset account, you reduce the interest you pay on your mortgage each month. A redraw facility allows you to access any additional repayments you’ve made on your loan.
Alternatively, you could also switch to a simpler home loan with less features if you no longer require your current features.
To access equity and purchase investments
If you purchased in an area that has experienced home value growth while you’ve been paying down your mortgage, or put a lot of value into your property, you could be sitting on equity.
Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.
You could also draw down on your equity to help fund a renovation or upgrade your home. And, if you want to, you could use your equity to help purchase an investment property.
Contact Us
Our team will help you search, choose and settle your loan. Chat to one of our specialists at a time that suits you.
General Enquiries
0423 750 845
Email
bart@panpac.com.au
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