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Mortgage rates are now the lowest ever

Interest rates are at historical lows which is not only good for your repayments but it also increases your borrowing capacity.

It’s common knowledge that after a few years, your original loan won’t be as competitive as it once was so it’s worth scoping the market to see what else is on offer – especially now!

This process – known as refinancing – is the act of replacing an existing home loan with a new one.

People typically refinance for one of five reasons:

  • Cheaper repayments through better interest rates
  • Equity access to release cash
  • To renovate and and improve your home
  • Consolidate debt
  • Restructure after a divorce, separation or death

While changing your home loan may lead to lower interest rates and more flexible features, it can also come with additional costs and if it’s not structured properly it could increase your loan term. It’s essential to calculate both the savings and the expenses involved.

Over the years I have helped hundreds of people manage their finances and find the right home loan. If you feel it’s time to refinance now or you just want to see how competitive your loan is call me today on 0439350856 or email me lance@reddoorfinance.com.