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When is a Good Time to Refinance Your Home Loan?
The home loan market is ever changing; new loans and features become available and interest rates rise and fall. Similarly, personal circumstances shift with employment opportunities and changing family dynamics.
Learn More About When to Refinance Your Home Loan at iSelect
With things changing at the drop of a hat, it’s a good idea to do a home loan health check every 12 months or so to see whether it is still meeting your needs.
If you’re unsure if you would benefit from refinancing your home loan, we’ve put together some useful questions to ask yourself.
1. Have your circumstances changed?
Whether it’s a new job, a new baby or the kids leaving home, life doesn’t stay the same for long. Maybe you have the capacity to pay off your home loan faster than your original loan term allows, or maybe you want to reduce your current repayments to relieve financial pressure.
2. Have interest rates changed?
If you haven’t looked around in a while, it’s worth comparing home loans to check whether your current lender’s rate is competitive. It’s possible that your home loan is outdated and that there are new low rate home loans with features that might suit you better.
3. Is your fixed rate ending?
If you’re on a fixed rate home loan and the fixed rate period is about to end, don’t miss the chance to look into your options. At the end of a fixed rate period, some loans automatically switch over to a standard rate when there might be a more competitive one available.
4. Did you speak to a broker?
If you negotiated your loan directly with the bank it’s possible that you could find a home loan structure that is better suited to your needs. It’s never too late to speak to a qualified mortgage broker and explore your options.
5. Do you have other debts?
Trying to pay off a car loan, personal loan and credit card debt can see you making a number of different repayments each month and getting slogged with high interest charges. Refinancing your home loan could help you to consolidate your debt and save on interest and fees.
6. Do you need funds for a big purchase?
Refinancing may allow you to access the equity you have in your home. This could free you up to finance something else, such as a renovation, school fees, an investment property or another big purchase.
7. Could you be receiving better service?
With so many lenders competing for your business, you have the right to be fussy about service. Identifying the product features and services you are looking for may help you decide if there is a loan or lender that will better meet your needs.
Call 13 19 20 or complete our online home loans needs analysis to speak to a qualified mortgage broker and learn more about your options. There is no obligation to refinance, it’s simply worth a look.