These economic conditions can lead to a rise in mortgage interest rates, which could result in increased mortgage repayments and financial stress for homeowners.
If you are an existing customer of a bank, it’s important to know that new to bank customers often get a better rate than existing customers. This means that it’s a good idea to regularly review your home loan rate and compare it to what is being offered in the market.
One option to consider is refinancing your home loan. By refinancing, you can potentially get a better interest rate, which can save you money on your monthly mortgage repayments. Additionally, refinancing can carve up some living expense breathing room by consolidating other debts and lowering your overall monthly expenses.
By refinancing, you can also unlock equity in your home, which can be used for other purposes such as renovations or investment opportunities. It’s important to note that refinancing may come with costs such as application fees and valuation fees, so it’s important to weigh up the costs and benefits before making a decision.
If you are thinking about refinancing, it’s important to seek the advice of a mortgage broker. We can help you find the best home loan product that suits your unique financial circumstances and guide you through the refinancing process.
Summary
With high inflation and high-interest rates, it’s important to regularly review your home loan rate and consider refinancing. By doing so, you may be able to get a better interest rate, lower your monthly mortgage repayments, and carve up some living expense breathing room. We can help you navigate the refinancing process and find the best loan product for your unique financial circumstances.
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