How Refinancing Could Save You Money

You can save money and get a home loan that suits you with a refinance.

In a constantly changing mortgage market, the loan you originally committed to may no longer be suitable. That’s why you should shop around for a mortgage package that suits your current needs.

You can check your home loan’s health through a simple, free service offered by My LMI Group broker. This simple service may show that your loan still has all the features you need and a competitive rate. But it could also show that you can save money with a lower rate by switching to a new loan or lender (or both).

If you choose to refinance, it may come with costs, such as discharge fees on the old loan and application fees on the new loan. These costs vary between lenders, so you should investigate refinancing and make sure it is right for you before proceeding.

You could save money on your purchases by using a cash back incentive.

When considering refinancing your mortgage, you may want to consider a product with a cashback incentive. Due to increasing competition between lenders, some banks may actually give you money to refinance your loan with them. This may be paid through gift cards or cash when you settle your home loan. You can even choose to spend the money or use it towards your home loan.

But be wary of deals that seem too good to be true. While these gifts sound enticing, it is important to remember that selecting a home loan is an important decision and it’s the interest rates and fees that should guide you to select the product.

Try Our Savings Calculator Tool

You can use our repayment calculator to work out what your monthly repayments might be and how much you could save through refinancing. Simply enter some basic information and you’ll get an idea of how much your monthly repayments might be.

Though this calculator is only a guide, it can assist you in finding an appropriate loan. To learn more about obtaining home loan assistance, speak to a My LMI Group broker. They will help you find a loan from our panel of over 20 leading lenders.