Empire Finance Brokers

Home Loan Refinancing

Home Loan Refinancing

Home loan refinancing is the process of paying out your existing home loan by taking out a new loan. You can either move to a new lender or change home loan products with your current lender.

Refinancing can save you thousands of dollars over time. It is worth spending a bit of time exploring your options to see if refinancing is for you.

Why should you consider home loan refinancing?

There are several reasons to consider home loan refinancing.

  1. Your home loan is no longer competitive. Lenders often change their interest rates, and you could refinance to a lower rate.
  2. New home features might work better for you.
  3. Your personal or financial situation may have changed.
  4. You want to consolidate other debt such as credit cards and personal loans. You could refinance these debts to a lower interest rate saving on interest costs.
  5. You may wish to access the equity you have built up in your property. Funds are available for personal use or possible future investment.

When should you consider refinancing?

It is a good practice to review your home loan at least every two years.

That way you can keep up to date with current home loan offers and new products that may be available. We are now in a low-interest-rate environment, and lenders are fighting for your business.

Who should you use to refinance?

You should talk to an experienced mortgage broker. We have access to over twenty different home loan lenders and keep up to date with their latest product offerings.

We don’t favour any lender or loan product. Your existing bank may have limited options or be unwilling to help you. If refinancing isn’t the right move for you, we will let you know.

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