Increased product choice and low interest rates have created the prime environment for consumers planning to renew their home loan
Competition in the mortgage market is certainly heating up. Major lenders are slashing rates and releasing some enticing mortgage products in a bid to win over your business.
As the banks continue to battle over market share, an increasing number of borrowers are realising the potential savings on offer should they decide to make the switch to a new lender or simply change your current products.
The mortgage you have now may no longer be the most appropriate or most affordable option available.
If you are unable to remember the last time you had a lending specialist review your loans, now may be the time to do so.
Whether you are looking to drive down your mortgage balance or reduce your repayments, refinancing or changing your products may be the ideal strategy.
Refinancing refers to the process of switching from one home loan to another. Changing your loan product means you stay with your existing lender.
In both instances we need to look at your current situation to ensure you are not paying any more than you should on your mortgage and carefully consider which one would suit your circumstances.
While the federal government abolished exit fees for new loans earlier this year, there are some additional costs that you will need to consider before changing lender.
Switching loan products or changing lenders may both carry additional costs. However, it is very quick for us to establishing which change best fits your needs and the change can be quickly and relatively stress free.
It is my job to ensure the transition is as safe and hassle free as possible.
Call me on 0419 716 424 or 1300 887 748 so I can work with you on highlighting associated costs and determine the best course of action for you.