So you want to refinance your mortgage?

15 February 2022, 11:44 pm

So you want to refinance your mortgage?

Too often, homeowner and investment loans are left with the current provider with no action by the homeowner or investor to check if they are getting the best deal available in the market.

In our experience, it certainly pays to do a mortgage health check at least every couple of years. 

Right now, a lot of homeowners and investors are paying too much interest, and should be negotiating with their current lender, or pitching their loan out to a range of lenders to see what is available. 

Here are three tips for when you are ready to do a health check or refinance. 

Know your current mortgage loan rates. 

  1. You should definitely know the current rate for your mortgage. Sometimes this can be tricky to find. Some banks don’t make it obvious in your online banking, and many of us file away our loan documents for safekeeping. This means our rates aren’t top of mind.
  2. Play the field – it certainly pays to look around at the whole market, and beyond just the usual mortgage players. There is often little loyalty shown by your bank to you – they won’t tell you if there are better deals even within their own portfolio. So why should you be loyal to them?
  3. Get your house in order. In this case, we don’t mean your actual house. We mean being up to date on your tax returns and getting all the paperwork together such as your payslips and so forth. You will need all this paperwork for most applications, so it pays to get it all ready. 

Beyond these tips, we’d encourage you to be aware of potential interest rate changes, and consider your options in terms of fixed and variable rates. Our mortgage advisor team can advise you on what suits your specific situation and needs.

Staying on top of interest rates, and keeping your loan tuned up and current on the best deal you can secure can save tens of thousands of dollars in interest over the course of a loan. 

So you want to refinance your mortgage? We hope these tips help you on the journey.

Speak to our team for more information. Call (03) 9017 3235 or email to set up a no-obligation discussion.

The information in this article is general in nature and does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.