Refinancing | Home loans Warwick, Beaudesert & Boonah

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Refinancing your home loan

Do you know what your current interest rate is? Many people don’t! And this set-and-forget attitude often hurts your finances long into the future. Contrary to popular belief, you don’t get any rewards for home loan loyalty, and sometimes refinancing to a new loan or new lender is the best way to get a lower interest rate and save yourself a stack of cash.

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The benefits of refinancing

Refinancing comes with numerous benefits, so depending on your situation there may be more incentives than just getting a lower rate.

1. Consolidate debts

If you have a few loans to pay off, it may make sense to streamline them into one easy payment with your mortgage.

2. Accessing new features

If your current loan doesn’t offer options such as redraw and offset accounts, you may want to consider switching to access the benefits of these facilities. Not sure if you need these features? Allison Burns can help you weigh up the pros and cons!

3. Unlocking equity

Equity is the difference between your home value and your remaining loan amount. So when you refinance and your interest is lowered, your equity will increase - particularly if your home has also increased in value. This could go toward funding a renovation, investment property, or even a holiday!

4. Reducing fees

If the fees on your current loan are feeling a little high, switching loans may be the answer.

5. Saving money

Of course, the most obvious benefit of refinancing is the potential to save yourself thousands of dollars worth of interest over the life of your loan and lowering your repayment amount. Just imagine what you could do with that extra pocket money!

Is refinancing worth it?

There’s a common belief that refinancing is costly, time-consuming and stressful. Allison Burns works hard to ensure that your experience is just the opposite! Allison will evaluate your current loan and give you all the information you need to make an informed decision about refinancing. While there are some costs associated with changing loans, Allison will uncover all of them so there are no surprises, and make sure that you will come out on top over time. Usually, the savings you make by refinancing will recover any fees very quickly.