Refinancing

With interest rates on the rise, it’s worth finding out if your home loan is still competitive.

Are you 100% sure your loan is still the right one for you?

For many borrowers, refinancing their loan can be seen as an unnecessary hassle. A typical borrower finds their dream home, gets their mortgage, and starts making their repayments. They won’t think any more of it.

But what if refinancing your mortgage meant reducing monthly repayments, and also unlocked equity that could be used towards building a better future? With interest rates at rise, there has never been a better time to get a home loan health check.

If you are unsure if you should refinance, we have listed a few reasons why people refinance below.

Your life has changed

Your finances change as your needs do and your home loan is no exception. If you’ve had a home loan for a few years now, it’s safe to assume your life has changed in that time.

You may have received a promotion, or gone through significant life changes such as getting married or had your first child. Refinancing will allow you to ensure your home loan is still in line with your needs and goals.

Pay off your loan faster

As your needs and financial situation change over the years, you might be able to contribute more towards your home loan and get out of debt sooner.

To access equity and purchase investments

If you purchased in an area that has experienced home value growth while you’ve been paying down your mortgage, you may have a substantial amount of equity in your home.

Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.

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