IS IT IMPORTANT TO REFINANCE MY HOME LOAN?
Why do so few people actively manage their home loan?
Put simply they don`t see the value in it. The whole process can seem too hard and difficult.
Well this is just want the banks want you to believe, because while your loan sits there, they are making a healthy profit.
You see banks are very good at acquiring your business, they put out great specials and offers to attract new clients. But once they have you, over time your rate becomes less and less attractive.
Banks know that the average loan will discharge between 4–5 years. They have accepted that a loan is no longer for 30 years, so they focus on maximising their profit whilst your loan is with them.
But refinancing is still too difficult
It can be a bit of work to refinance your home loan but it is not really all that difficult. Particularly when you use the services of a mortgage broker.
As a mortgage broker we work with you to find a better home loan. We prepare and lodge the loan application for you (reducing any paperwork) and we see your loan through to settlement.
Better still, the next time you visit your mortgage broker, they already know you and you don`t need to start the process again from the beginning.
Is it really worth my time refinancing?
It is worth your time speaking with a mortgage broker to compare your home loan, it only takes a few minutes.
In some cases you might already have a really good home loan and there is no need to change. But for a lot of people, particularly if they have had their loan for 3 or more years, they could be paying thousands of dollars in additional interest.
As an example we have provided a refinance case study from clients we have recently worked with.
So what do I do next?
Contact Get a Better Rate and we will talk you through the options currently available.