Refinancing | Mortgage Broker in Gungahlin, Taylor, and Harrison
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What is refinancing, and how does it work?
Refinancing involves replacing your current loan with a new one. This is done in practice for many reasons, primarily to save money by finding a loan with a lower interest rate. The complications of refinancing come from a lack of understanding when it comes to loan features, the difference between fixed and variable rates, and potential exit fees if applicable.
Learning to navigate these things isn’t impossible, but it does take some time. Without taking the necessary time to learn about the property market and loans, you can find yourself in a situation where you may be paying drastically more for a loan that isn’t suitable for your lifestyle.
If you’re considering refinancing, don’t take the hard way - book in with Manan or Girish today, and have the experts guide you through your refinancing journey.
What else can refinancing help with?
Refinancing is typically enacted to save money by finding a loan with a lower interest rate than your current loan. However, this isn’t everything that refinancing has to offer.
When refinancing your loan, you can:
- Swap lenders
- Consolidate debts, if you have a couple of loans open
- Access equity for down payments on future loans
Refinancing is a useful tool as it puts you back on the market, with new lenders ready to provide their services. New lenders can even put forward special offers should you choose to refinance to their service, providing deals like cash back offers or lower interest rates for fixed periods.
Refinancing guide
If you’re interested in learning more about refinancing, check out our handy refinancing guide. In only a few minutes, you will be ready to review your loan and shop around the market to see if there’s a better deal for you.
If you’re ready to start saving money on your loan, reach out to Manan and Girish on 0411 897 545 or 0420 314 553, respectively.
As your local Mortgage Choice brokers for Gungahlin, Taylor, and Harrison,
Manan and Girish are also available to assist with:
