Mortgage Interest Rate Changes
A regular home-loan health check can help you be aware of costly problems with your loan and save money in the long run.
A regular home-loan health check can help you be aware of costly problems with your loan and save money in the long run.
A regular home-loan health check can help you pay off your loan sooner and save money in the long run. There are no hard and fast rules as to how often you should refinance your home loan, but there are some external and personal factors that might lead you to consider it.
The mortgage market undergoes constant change, so a loan taken out years ago may not be as attractive today. Many lenders offer attractive deals, including low rates, low fees, or additional features.
If you can renegotiate your home loan and refinance, you could potentially save tens of thousands of dollars over the life of your mortgage. To refinance, speak to a broker about getting a better rate. Of course, you should also shop around with other lenders to ensure you’re getting the right interest rate across the term of your loan.
If you have a split loan – one portion fixed and the other variable – then your loan will continue on the variable interest rate at the end of your fixed term. It can be a good idea to consider refinancing if you want to re-fix part of your loan or reassess your home loan entirely.
When your fixed rate period is up, your loan will revert to a variable rate, which is often higher than the standard variable rate offered by that lender. This can be a good time to consider refinancing; after all, the home loan market has likely changed since you fixed your home loan. Plus – it’s important to make sure that your home loan is right for you, particularly if your goals or circumstances have changed.
There are a number of home loan options, and maybe the lender you’re with now isn’t quite meeting your needs.
My LMI Group has a panel of more than 20 lenders, from banks to credit unions and smaller institutions.
Your LMI Group broker can help you refinance with the lender that is most compatible with your needs.
As the home loan market changes, lenders are introducing new features and packages to attract customers. You may be missing out on opportunities to make your home loan work harder for you, with features such as additional repayments, redraw, flexible rate options, loan portability or a repayment holiday.
If you are considering refinancing your home loan, it pays to take a hard look at your current life stage, because many people make the mistake of assuming that their loan should fit into their lives.
If you’re not sure if refinancing is right for you, a My LMI Group broker can explain your options and walk you through the process. Chat to us about refinancing today, and see how much you could be saving.
Let our team of financial experts help you.
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