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Here's why you should think about refinancing

Pssst; want to save some serious money?

How long have you had your home loan? When was the last time that you checked the interest rate that you are being charged? Never thought about refinancing, here's why you should.

A standard variable rate home loan is being charged 4.39% (comparison rate 4.49%). With a 3-year fixed rate loan available at 2.19% (comparison rate 3.15%) with full offset, how much could making the switch save you?

Existing loan:

Using a new loan: You save $109,848.96 OR keep the payments the same and you save 7 years and 1 month of repayments.Of course, there may be some costs in refinancing, but many lenders offer a rebate to cover these. Other things to consider:

  • Are you eligible for the 2.19% offer?

  • Will the rate difference remain the same over the life of the loan?

  • Are you looking to sell and buy a new property in the future?

Invest some time with a professional mortgage specialist who will work through these questions and others to check if your existing loan is suitable and is best for you. They will also advise you on the best refinance options if a change is in your interests. For full details, call David Seymour Regional Financial Solutions 0418 785 747. The above is general in nature and does not take into account your personal circumstances and position. Authorised Credit Representative 47331. Australian Credit Licence 484980. This is for general use and is indicative only depending on your personal circumstances.

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