Both your lifestyle and your financial circumstances change as you move through life, and so too do your financial arrangements – including your home loan
You could be thinking about breaking into the investment market, take the overseas trip of a lifetime, break free from a credit card that has become a burden – or you could simply be missing out on a better home loan rate.
Whatever your situation you should make sure you review your mortgage arrangements regularly.
If you’ve been with the same home loan for some time and your circumstances have changed it may be time to consider refinancing.
Reasons to refinance?
Refinancing simply refers to the process of changing from one home loan to another and there are several reasons why refinancing could improve your financial position:
Refinancing could unlock equity in an existing property to fund an investment property, a renovation or other major financial commitment
It could give you improved flexibility and home loan arrangements that better suit your circumstances
Refinancing could secure you a lower interest rate on your home loan and save thousands of dollars’ worth of interest
It can allow you to manage your debt more effectively and regain financial control
If you’d like to find out more about refinancing, speak to your Choice Home Loans broker now.
Do you need to refinance?
Has your income recently changed? Have you got a new job? Has your family grown – or shrunk? Has it been a few years since you’ve reviewed your home loan? Are credit cards and other debts starting to spiral?
If you answered yes to any of these questions, it could be time for you to review your mortgage.
Whether you end up with a better interest rate or you adjust your mortgage to suit new investment plans, a mortgage health check is a great way to ensure you’re getting the best deal possible – and that you are on the way to achieving your financial goals.