Long gone the days where homeowners stay with the same loan for its entire lifetime. With so many options popping up in the market, there’s bound to be a better deal waiting for you.
With APRA changes and RBA rate cuts, smaller lenders are more keen to keep up, unlike some major banks. These changes can make all the difference to your mortgage and what’s available for you, so it is important to keep in mind that the industry never stands still. Especially as a homeowner, your mortgage needs are different from when you first bought your property. That’s why your current loan may not be the best option for you, but when you refinance, you have the potential to save on interest in the long run and even repay your mortgage earlier.
Should you refinance with a mortgage broker? More than 60 per cent of loans are being established by brokers instead of people going directly to the bank to apply. This is due to the increasing competition between smaller lenders and major banks. Homeowners opt for services of a mortgage broker as they work independently and in your best interest. They provide help and advice so you can make an informed decision to choose a loan.
Mortgage brokers establish relationships with multiple lenders to select an array of loans that are best for you. So when you meet with a broker, your portfolio is assessed to find the perfect match for you depending on your financial goals and circumstances.
It is always a great idea to speak to a mortgage broker who will assess your situation and come up with tailored solutions to suit your financial needs. Speak to our finance team today.
7 Steps To Refinancing Guide
Interest rates are constantly changing and if your wanting to potentially save thousands on your home loan, refinancing a home loan is your best option.