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InvestAus

InvestAus

Mortage Broker , Sydney Region

Some tips on refinancing your Home loan

26D ago 0 Replies 17 Views
Figures from CoreLogic show 67% of property valuations currently relate to home loan refinancing - up 32% from last year, and Glenn Haslam, executive general manager, lending at Suncorp Bank - Money's 2020 Bank of the Year, says he is definitely seeing more refinancing activity at present.
Haslam puts this down to "a combination of competitive offers and historically low home loan interest rates". But he says the impacts of COVID-19 - from employment changes to spending more time at home - have given us a chance to think about how we can better manage our finances.

"The key is to know that home loans should not be a 'set and forget' product. It's all about having the right product and structure for your current situation."
It can also be a good idea to consider refinancing if you're about to come off a fixed rate. Bailing out of a fixed rate loan early can come with 'break costs'. How much you pay will vary depending on your lender and the size of your loan.

Before getting the ball rolling with a refinance, it's worth asking your lender if they're willing to discount the rate you're currently paying.
Haslam says, "Lenders are typically open to negotiating home loan rates with established customers. So, I would encourage home owners to talk to their bank to see what's available - or partner with a mortgage broker, who can act as an advocate on your behalf."

Sydney-based Mortgage Choice broker James Algar says that along with filling out a loan application, your home will likely be valued as part of the refinance.
However, it may not be necessary to give the place a spruce up. Algar says, "Most valuations can be conducted without a physical inspection of the property - unless you are borrowing 80% or more of the property's value."

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