Reasons to refinance your home loan
Era of record low interest rate in Australian market, refinancing gives you handsome pay rise. Many new lenders are emerging in fixed and variable rate home loan category which reduces the interest rate in both categories. In recent data of Australia bureau of statistics (ABS), it states that a record $7.9 billion owner-occupier home loans were refinanced, up 50% from last year. There are some reasons to refinance home loan: Fixed rate home loan will start on revert rate Once your term of your fixed rate is over, lender will start loan in revert rate which is far higher as it double the rate you opted. Most of the home buyers forget about revert rate calculation. Want to be mortgage free earlier Refinancing gives you option to pay off your mortgage faster. Use of home equity Refinancing is a way to access additional funds using home equity - which is, the percentage of your property’s market value that belongs to you. You can contact our mortgage broker to calculate re...