Home Loan  Refinancing
Refinancing your home loan may not be something that is on the top of most people’s to-do list however the power of shopping around to see if your current loan is still working for you shouldn’t be underestimated.
What is refinancing?
Refinancing is as the name suggests…simply finding another source of finance to replace your current finance arrangements. Most Australians complete the hard work of shopping around for the best possible rate for their home loan when they first purchase their home however life gets busy and they often neglect to check if their loan is still the best loan in the market.
Some home loans will come with a special or ”honeymoon” rate which is great however care must be taken when this period ends to ensure you review your loan and make any changes required.
How can refinancing help me?
You could be paying unnecessary fees or higher monthly interest on your loan essentially meaning your loan is going to take longer to repay.
For example:
Comparing a loan amount of $250,000 at an interest rate of 4.00% p.a versus an interest rate of 4.50% p.a would equate to an additional interest bill of approximately $105 per month. If you were to always be half a percent above what you should be paying this would mean thousands of dollars in additional interest and additional years paying off your loan.*
Your circumstances may change often so it's a good idea to review your home loan annually to ensure it is still working for you.
At Sunraysia Home Loans we care about you and your financial wellbeing. With this in mind we will contact you yearly to review your home loan/s to ensure you are still receiving a competitive rate.
*Dependant on individual circumstances- fees & charges may apply.

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