It’s no secret that the housing market is a bit of a minefield at the moment. Even if you have managed to buy your way into it, you may be feeling the pinch as banks continue to raise interest rates.
If your mortgage repayments are only getting higher, or if you want to pay your loan off faster, it may be time to consider refinancing.
Define your refinancing goal
Before you begin, it’s important to sit down and map out what you want from your next home loan. Maybe you want to reduce your monthly payments, pay your loan off quicker, enjoy more flexibility or consolidate debt? Setting a clear goal will help you to choose the most suitable new home loan.
Compare the alternatives
To find out if there are loans out there that meet your refinancing goals, you will need to compare your current loan to others on the market. To do so, you will need to locate your loan details, including your current interest rate, outstanding mortgage balance, monthly repayment amount, the value of your property and any discharge or break fees.