Over time, situations change. Perhaps you’ve changed jobs? Or there’s a new addition to the family? Maybe you would like a better rate? Maybe it’s the advent of school fees, or perhaps the kids have left home? Or maybe that leaking shower or tired kitchen has just reached the end of its life. A shift in circumstances may mean it is time to revisit your home finances.
For many, the idea of refinancing a mortgage can be daunting. Fees, fixed versus variable interest rates and monthly charges all need to be considered. The right refinanced loan could help you pay off your mortgage faster and for less, clear unhealthy debt or help you upgrade and add value to your home, all of which are steps in the right direction.
But where to start? An AFWM broker can help you weigh it all up.
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Frequently Asked Questions
With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, and an AFWM broker is a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan.
This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc.
Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time.
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could by contacting an AFWM broker who can help with calculations based on your circumstances.
You need our professional assistance to do so. Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so contact an AFWM broker who can recommend the right loan(s) for you.
Penalty fees could apply if you’re paying off your current mortgage early, especially if you’re exiting a fixed home loan. But repayment savings may offset these when you switch home loans. Contact an AFWM broker to discuss which fees would apply in your circumstances.