Is it time for you to refinance your home loan?
Updated: Jun 1
Learn more about refinancing and how you can possibly save thousands of dollars each year on your mortgage lending.
Arguably, now is one of the most unprecedented times in history for incredibly low home loan rates. Since the pandemic, the RBA have remained dedicated to seeing out a full economic recovery. Following recent cash rate cuts, leading lenders have started to decrease their mortgage rates. There's no better time than now for people to refinance their home loan and source a rate suitable for their circumstances.
What is refinancing?
Refinancing or "refi" is a term to describe revising and/ or replacing the terms of an existing loan or mortgage. When people choose to refinance they're essentially moving their loan from one lender to another. In our industry, it's common for people to refinance their home loans. People generally refinance their home loan when there's a drop in interest rates.
How does refinancing work?
The goal of refinancing lowers a person's interest rate. It usually happens when rates drop, as seen recently with the RBA's cash rate cut from 0.25% to 0.10%. We recommend consulting a Finance Specialist or Mortgage Broker to help you source the most suitable mortgage rates.
Some factors that will help you when switching to a different lender include; having a good credit score and having at least 20% equity on your home loan. Equity refers to the worth of your home when subtracted by the current debts that you may have.
Why do people choose to refinance?
There are various reasons people refinance. At REIF we assist people with refinancing to save money. Refinancing allows people to access equity or consolidate debts. Refinancing can also help you get cash out for an investment property or renovation purposes.
How REIF can help you to refinance your home loan
People tend to think that refinancing is a complex process. However, it's actually simple, especially when you have the right people to work with and support you. Our team of Finance Specialists at REIF do just that! Additionally, we have access to over 40 lenders.
Our Founder and CEO, David Chehade, explains how easy the process is when you choose our team of specialists to support you during this process. To see how easy it is, check out the video below:
Contact a REIF Finance Specialist, today!
If you want to refinance your current mortgage and interest rates, we can help! Whether it be to put more money back into your pocket, access your equity, or get cash out to put towards an investment property.
Reach out on the details below:
1300 130 932