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Because the lending market is very competitive, reviewing your mortgage every two
years is very important. New products are being developed all the time and your
existing mortgage may not be the best available for your current circumstances.
If you are thinking of changing loans or consolidating debt, you should find out
more about your refinancing options and how much it is likely to cost to change
from one home loan to another.
Refinancing your mortgage could allow you to access cheaper interest rates and offset
accounts or even allow you to unlock additional equity in your home to renovate,
buy an investment property or consolidate debt. The most important thing to review
when considering refinancing is to identify if there is enough equity available
in your property to go ahead. Secondly, a review of your credit history will also
be required, so make sure it is in good shape. Thirdly, do the sums carefully.
Why Should You Refinance?
People usually want to change loans when they are refinancing or consolidating their
debts. Typically they are refinancing to:
- Borrow more money to invest, renovate or for business
- Consolidate separate loans
- Search for a better loan product that may have entered the market
You should review your position a minimum of every two years and at the same time
have your investment strategy reviewed. It may be that your fixed rate is due to
expire, you wish to further reinvest, or you simply wish to source a better loan
product. You will need to explore all avenues including the costs of refinance.
Assess your situation confidentially with Breakaway Finance Group and its team of
professionals who look at your total financial position rather than just the mortgage.
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