Changes in your personal circumstances, or in the home loan market in general, may mean it’s possible to get a better deal than your existing loan.
Some of the situations where you may consider refinancing your home loan include:
- If you think the interest rate you are currently paying is not competitive.
- If you have mounting debt from a number of sources, including credit card debt, which you would like to consolidate to save interest.
- If you intend to buy an investment property.
Weighing up the benefits
As you investigate your refinance options, remember there may be costs involved in paying out your existing mortgage loan, and establishing a new one.
These costs need to be considered to ensure you really are saving money by refinancing.
At Home Loans Melbourne, we can provide you with the right advice to ensure you are getting a home loan solution that meets your needs.