Should you refinance your current home loan or stick with your existing one? With interest rates at historically low levels, you may be asking yourself this question a lot lately.

If you refinance right, you could end up saving a lot of money.

Here are a few reasons why you could be looking to refinance.

  • Your lender’s rate is no longer competitive.
  • A major change has occurred in your financial situation.
  • You’re looking for more money to pay for something major like a home renovation,
    a child’s education, or another property investment.
  • You want to switch to a fixed rate at an opportune time.
  • You’ve started accumulating large credit card debts and want to consolidate.


Things to think about when refinancing
You should take into account any upfront and ongoing costs connected with exiting your current loan and switching to the new loan. These may include settlement fees, loan establishment fees, mortgage registration fees, loan service, and exit fees and charges.

If you’re interested in refinancing your current loan or need help with your finances contact us on 03 9387 3171 or fill out our enquiry form and a Concise Financial Services team member will be in touch.

 

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