There are many reasons you may be looking to refinance your home loan – maybe you’re coming off a fixed rate, looking to consolidate debts or need more flexibility in your loan. Whatever your motive, here’s what our expert consultants suggest considering before taking the plunge.
1. What is it going to cost you?
Make sure you have clear understanding of the terms and conditions of your existing loan and the loan you’re looking to refinance to. This will allow you to factor in any fees that may come with the change, such as discharge fees, valuation fees and break costs.
If you’re not sure what terms and conditions apply to you, chat to your experienced MyChoice Home Loans consultant.
2. What loan features would you like?
When refinancing make sure you consider the features you would like included in the home loan, such as a redraw facility or an offset account to help you pay down the loan quicker.
Your home loan consultant will help secure a home loan that is benefits your unique circumstances, whilst ensuring you benefit from the best deal available.
3. What are the term conditions?
Keep in mind that the home loan you are refinancing to may offer a lower interest rate but can add on another 15-30 years to pay off, ultimately increasing in the interest you’ll pay over the life of the loan.
4. How flexible is the loan?
Make sure you discuss with your MyChoice Home Loans consultant if the new home loan you wish to apply for offers any relief or concessions, such as circumstances where the lender can provide financial relief support of your repayments if an eligible borrower, spouse, or dependant passes away or is medically certified with a terminal illness.
At MyChoice Home Loans we make refinancing your home loan easy, making the transition between loans stress free by using our relationships with some of Australia’s leading lenders to secure the best home loan tailored to meet your needs as they are today.
Optimise your home finances with a Refinance Home Loan from MyChoice Home Loans. Enquire now to talk to one of our consultants.