Looking to refinance your existing home and take advantage of the lowest official interest rates ever in Australia? With the Reserve Bank of Australia’s official interest rates currently at their lowest and unchanged since August 2016, many homeowners are encouraged to look at their existing mortgage to see if they’re getting the best possible deal. A ‘health check’ of your existing mortgage account with one of the home loan refinance specialists at Gavin Ma & Co will tell you whether or not you’re getting the best possible deal for your mortgage, or whether you should refinance your home loan.
The process to refinance a home loan simply involves drawing down on a new loan to pay off an existing home loan that’s usually held at another bank or lending institution. The loan holder then continues paying off the new loan instead of the previous account. Make an appointment with Gavin Ma & Co and find out how much you’re eligible to borrow. We can help you decide whether or not you prefer to completely or partially fix the interest rate on your home loan, ensuring that your mortgage continues to work at its very best for your needs.
Other than being able to fully or partially fix your loan at the most competitive interest rate possible, there are several other ways you can benefit from a home loan refinance.
Refinancing can help you achieve other financial goals, simply because you’re paying less in interest on your mortgage. You can save money for an overseas trip, pay for education, or even keep a little extra cash in the account for those renovations you’ve wanted to do for a while.
You can shorten the term of your home loan by refinancing at a lower rate. What might have been a 25 to 30 year home loan term could potentially be reduced to 15 to 20 years. This means you can potentially own your home much sooner.
When you refinance your home loan and reduce the rate of interest you pay, you can also increase the equity in your home and at the same time reduce the amount of your monthly payments.
With Australia’s current low interest rates, there’s no better time than now to discuss a home loan refinance. Book an appointment with Gavin Ma & Co today and discover how we can help you.