Refinancing your loan

If you’re looking to refinance your home loan, there are a few things you’ll need to consider. Refinancing can be a great way to unlock equity, lower your repayments or unlock features previously unavailable to you. But it’s important to do your research first and make sure it’s the right decision for you. Here are a few things you’ll need to keep in mind when refinancing your home loan:

-Equity: When you refinance your home loan, you may be able to access equity that you’ve built up in your home. This can be a great way to use the equity in your home to finance renovations, investments or other large purchases. However, it’s important to remember that by accessing equity, you’re also increasing the amount of debt you owe on your home. Make sure you consider this carefully before deciding to refinance.

-Repayments: One of the main reasons people choose to refinance their home loan is to reduce their monthly repayments. If you’re looking to reduce your repayments, it’s important to compare different lenders and find one that offers a competitive rate. You should also consider any fees or charges that may apply when refinancing, as these can add up over time and offset any savings you make on your monthly repayments.

-Unlock Features: When you refinance your home loan, you may also be able unlock features that were previously unavailable to you. For example, some lenders offer redraw facilities or offset accounts as part of their refinancing packages. If these features are important to you, make sure they’re included in the loan before you commit to anything.

Refinancing your home loan can be a great way to save money or access extra funds, but it’s important to do your research first and make sure it’s the right decision for you. At Mortgages101, we compare different lenders and make sure you understand all the fees and charges associated with refinancing before making any decisions.

To get started, give us a call today.