Are you considering refinancing? You’re not alone.
According to the Australian Bureau of Statistics, the value of external refinancing in May 2023 in seasonally adjusted terms rose 8.1% to $21.0b and was 22.4% higher compared to a year ago.
Indeed, the series of cash rate hikes by the Reserve Bank of Australia (RBA) has left many homeowners reviewing their home loans, interest rates and loan features.
But with hundreds of different products on the market, deciding which home loan is right for you can be overwhelming. That’s where we can help.
As mortgage brokers, we can play a crucial role in providing you with choices tailored to your needs.
Here’s how we can help you.
1. We know the market
The mortgage industry has changed significantly. Interest rates have gone up. Banks have tightened their lending standards. It’s a whole new world for borrowers.
Never before has it been so crucial to have a professional broker on your side. Someone who is knowledgeable about the industry and understands which products suit your specific financial situation and goals.
2. Tailored finance solutions
There’s no one-size-fits-all mortgage. Everyone’s financial situation and goals are different, which is why you need tailored finance solutions.
We will go through your unique financial requirements and search for a loan that’s appropriate for your specific needs.
3. A broad range of choices
We compare a wide range of lenders and products to find the right one for you. We might also be aware of home loan offers or lenders that are not mainstream or well-known, opening up other opportunities.
We also do all the legwork for you, which saves you time doing your own research.
4. No or low cost
Lenders pay mortgage brokers for their business, so there’s usually no cost to you.
What’s more, the commissions we receive are similar across lenders. This ensures there’s no incentive for us to recommend one lender over another. Our job is to act with our clients’ best interests at heart.
5. Make your life easier
If you’re already feeling financially stressed in today’s climate, refinancing might seem all too hard right now. But it’s worth the effort, particularly if it means you can better cope with your mortgage repayments and the rising cost of living.
We take the burden out of refinancing. We’ll run through your financial situation and requirements, and then explain your options.
If we do find you a more appropriate home loan, we’ll liaise with the lender and facilitate the refinancing process.
Common reasons to refinance
Here are some of the common reasons people choose to refinance:
- To secure a more competitive interest rate
- To make the most of interest-saving features like offset accounts or redraw facilities
- To access equity for renovations, additional properties or other financial goals
- To consolidate debt.
If you’ve been avoiding looking at your home loan since interest rates started going up, it’s time to take control.
Speak to us and we’ll see if we can find you a better home loan that suits your specific needs.