Feeling the pressure from your current home loan rates? Rest assured, you’re not alone. As of March 2024, the average interest rates were recorded at 6.82% p.a. for variable rates, 6.48% p.a. for one-year fixed rates, and 6.37% p.a. for two-year fixed rates.
Many homeowners are finding themselves tied to rates that don’t accurately reflect the current financial state, leading to unnecessarily high payments. Before considering your next move, it’s important to weigh up several considerations. Refinancing offers a way out, potentially reducing your monthly outgoings and offering financial relief.
Read Also: How the Cash Rate Hike Impacts Your Mortgage
Why Consider Refinancing?
Refinancing your mortgage could lead to savings, especially with the fluctuating interest rates, whether you’re aiming to lower your interest rates, consolidate debt, or adjust your loan terms to better suit your current needs.
Finance First stands ready to guide you through this process, offering expert advice and tailored solutions. It’s about finding a new deal that better suits your financial situation now, not when you first took out your loan.
Key Considerations for Refinancing
Understanding the Benefits
Refinancing can offer multiple advantages, such as reducing your monthly repayments, shortening your loan term, or providing you with flexibility for other financial goals. It’s essential to assess how refinancing aligns with your long-term financial plans.
Comparing Offers
It’s crucial to explore various refinancing options to secure a better interest rate and loan terms that match your needs. Finance First can help compare offers from a wide range of lenders, ensuring you find the best fit.
Evaluating Your Financial Health
Lenders will review your income, credit score, and overall financial stability. Improving your credit score and ensuring you have a stable income can increase your chances of a favourable refinancing offer.
Understanding the Costs
Refinancing might come with fees such as application fees, valuation fees, and potentially penalties for early repayment of your existing mortgage. It’s important to calculate these costs to ensure refinancing is financially beneficial.
Choosing the Right Loan
With access to various loan types, including fixed, variable, split, P&I, and interest-only loans, Finance First can assist in selecting the loan that best suits your current situation and future goals.
Read more about refinancing here: Why You Should Refinance Your Home Loan
Exploring Your Refinancing Options
When considering refinancing your mortgage, the goal is to align your loan with your present financial requirements, be it through securing a more favourable interest rate, adjusting the term of your loan for greater flexibility or an earlier completion, or consolidating various debts into a single loan for potentially reduced monthly outgoings.
At Finance First, we’re committed to guiding you through these options; our approach involves a comprehensive search among numerous lenders to unearth the most competitive rates available.
We offer tailored solutions that cater to your desire for either more adaptable loan terms or a strategy to consolidate debt, thereby streamlining your financial commitments into one manageable payment.
The Refinancing Process with Finance First
Initial Consultation
Discuss your refinancing goals and financial situation with Finance First to understand your options.
Loan Application
Finance First will handle the application process, ensuring you have all the necessary documentation and information for a smooth transition.
Approval and Settlement. Once approved, Finance First will manage the settlement process, paying off your existing loan and setting up the new one
Ongoing Support
Even after your refinancing is complete, Finance First offers continuous support to help you manage your mortgage effectively.
Why Choose Finance First for Refinancing?
Choosing to Refinance with Finance First will help you to secure a better rate and partnering with experts who genuinely care about your financial well-being. Leveraging over 25 years of experience as rockhampton mortgage broker. With access to numerous lending products, Finance First ensures you get the best deal dedicated to your property success in Rockhampton. You can rely on us as your trusted advisors in loan market Rockhampton.