Refinancing your home loan can save you money, and the refinance process is made easy with Loanscope.
We compare over 600 loans from over 30 lenders, and work out how we can improve your current and future financial outlook.
We recommend you review your home loan once a year, because changes in your circumstances and changes in the lending market can mean the loan that worked well for you in the past, may not be the right one for you now and into the future.
What are the Advantages of Refinancing?
- A lower interest rate offer may be available to reduce the size of your mortgage
- Reduce your monthly repayments
- Consolidate debts eg. Credit cards, car loans into one monthly repayment
- Access equity to renovate your property, build, or buy a new property. Or perhaps you would like to release funds for a new car purchase or family holiday.
Unfortunately, banks and other lenders can become complacent, and the bank that was the most competitive when you took out your home loan may not offer the most attractive products for you today. Over time, people’s financial situations also change, which is why it’s important to regularly check how your home loan is tracking. We may be able to find you a more competitive interest rate that cuts your repayments and saves you big dollars.
We keep a close eye on the lending market and who is offering the most competitive deals at any point in time. It’s a fast changing environment and very difficult to keep track of without expert assistance. That’s where we come in. We will match your situation with great offers available and the features you need.
Perhaps you need certain features like offset accounts and redraw facilities, or you want to use your equity to renovate. You may be unimpressed with your current lender’s customer service, or just want to consolidate your debts. Whatever the case, Loanscope can help determine whether refinancing will leave you in a better financial position.
* Switching costs
While refinancing may be advantageous in the long-run, you must take into account the costs of switching to another lender. These may include settlement fees, loan establishment fees, break costs and exit charges. We will take you through the costs involved to make sure the benefits justify these costs.
* The big picture
Don’t be lured in by a headline interest rate. Make sure you weigh up all the pros and cons of refinancing. Do your homework and look at all the implications for the life of the loan. Better yet, let us do your homework for you.
If you’re interested in finding out about refinancing, please get in touch with Loanscope. We will work out your borrowing capacity and equity position and help you decide if refinancing is the right step for you.