SHOULD I REFINANCE MY EXISTING LOAN?
With real estate much more costly than it was for our parents – and a large percentage of most people’s incomes dedicated to servicing borrowings for their homes – households need to be run as though they were businesses. Whether you are married - with or without a family, or single – if you own real estate and are responsible for borrowings, you should see yourself as being the director of your own little corporation.
Interest rates and resulting savings are always of primary concern – but you should also consider structuring your borrowings to maximise the benefit of available features such as offset savings accounts and linked credit cards.
It is always a good idea to know that the home loan you have is the best that is available – given your circumstances and your requirements.
A 45 minute meeting with us will give you the answer. We are always happy to meet you at a time and place of your choice.
If you are able to have handy;
- A copy of the loan offer document relating to your existing mortgage.
- Your most recent statement.
- we can assist by working out an analysis of the costs involved in refinancing and whether the benefits out-weigh these costs - to create savings.
It is our experience that whilst most people are concerned by a 0.25% increase to their interest rate as a result of the Reserve Bank increasing the cash rate to effect changes to monetary policy – they are able to save at least twice this increase by refinancing to another lender.
As brokers, we have access to almost all of the lenders in the mortgage market – and various software applications to assist us with helping you to make a correct decision.
Click here for a list of the lenders that we at Bay Finance Solutions have access to.
