Picture this: your local fuel station on the Sunshine Coast is listing their prices much higher than a fuel station 5 minutes further away from you. The potential savings you could earn by visiting the other fuel station are lost, as you aren’t aware of the pricing difference.
The same scenario can apply to your mortgage repayments, if you’re not aware of other competitive options you may be eligible for. Your options for a home loan refinance extend beyond what the big 4 Banks have to offer. With access to over 50 lenders, you’ll rest assured knowing that no stone has been left unturned. The Reserve Bank of Australia has recently announced that the Cash Rate has been increased by 25 basis points to 4.35%. It’s likely that mortgage holders are about to feel the pinch as the aftermath of this recent announcement.
Speaking with a Fox Home Loans lending specialist offers a non-committal assessment of your documents to deem your eligibility for a refinance pre-approval. The best part? You can complete your initial application via a quick 15 minute phone call with one of our friendly team, after filling out a simple online enquiry form. We’re a friendly team based on the Sunshine Coast ready to help secure you the best home loan rate on the market.
Your Financial Goals
Identify your objectives when it comes to financial stability. If your intention is to save as much money as possible, a mortgage refinance provides a variety of options that may help. Refinancing not only switches the current home loan product you are on, with the understanding that you will generally benefit from the process. In simple terms, the process would expectedly reduce your interest rate and or the fees associated with the product, which would in turn reduce your repayments. In some cases, those needing additional funds can do so through an equity release, which provides additional funds to help renovate a home or invest in other areas. It comes down to what benefits you most, both financially, and gives the most value out of the overall process.
Loan Term
Some people prefer to reduce the amount of time that they will be bound to debt for. As mortgages generally span over 30 years, it’s a commitment that people need to thoroughly consider before jumping in. If you like the idea of a shorter loan term, and can afford higher repayments, it’s worth asking your broker about what options are available.
Your Affordability
Securing the lowest home loan rate available doesn’t necessarily mean that you will be obtaining the lowest loan repayment. We encourage clients to consider what they can afford based on fees that are also structured into the loan. Banks and lenders will always include establishment fees into their product, meaning your repayment may be higher based on their fees, and not necessarily by the rate itself. With the recent rate cliff that most mortgage holders on the Sunshine Coast have endured, it’s timely to consider if a variable rate may actually be in your favour too.
Location
If you are looking to refinance a property outside of the Sunshine Coast region, consider the factors that come with keeping your investments here. Weather, economic status of the area, as well as infrastructure all play a part in the value of your property. Has the property increased in value since you purchased it, or decreased? Is it time to consider a renovation bundled into your refinancing? These are all options that we can discuss with you via a simple 15 minute phone call that you can schedule online.
Looking to learn more? Speak to our team today, or schedule an appointment at our Sunshine Coast based office today!
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Bill has over 26 years of experience working in the finance industry. He has worked across a number of different businesses including Home Loans, Personal Loans, Collections and Insurances. Bill's passion is to utilise his knowledge and experience in the industry to assist clients in meeting their financial goals.
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