If you think you are paying more than you should in your current home loan, maybe it’s time to refinance. If other banks and lenders cut their interest rates, while you are stuck with a high interest-bearing loan, there is still a chance for you to enjoy lower monthly repayments through refinancing. Luxe Financial helps borrowers in Sydney, Illawarra, Wollongong and South Coast region compare home loans and refinance for a better mortgage rate.
Refinancing is a great strategy to lower your repayments and save on interest, but before you jump in and get a new loan, there are few things you need to do/consider:
- Ask if there’s any exit cost tied to your current home loan.
- If the exit cost is higher than the savings you will get when you refinance, then there’s no point of transferring to a new loan.
- Refinancing can mean a longer period of repayments. Will you end up paying more if the loan is extended for such a period?
When done right, you can reap great rewards through refinancing. Luxe Financial can help you transition to a new loan if you are not happy with your current bank or lender. We are mortgage brokers who will help you get access to better home loan features that can allow you to pay your mortgage off faster.