Refinancing can be useful to help you potentially save money or unlock any available equity in your property. If you need cash or are looking to free up some money for further investment, refinancing could be for you.
Ensuring you have the home loan that works best for you is essential to securing your financial future and is something that you have more control over than you might realise.
If you’re considering refinancing, we recommend booking a call with a lending specialist to discover which features can save you the most money over the course of your loan. If you’re not yet sure if you want to refinance, or if you’re unsure about what it means to refinance, read on.
Demystifying finance
Refinancing can be a powerful savings tool when used appropriately. In short, refinancing involves moving from one loan agreement to another with different terms and often different rates. Depending on your individual circumstances, refinancing can help you save money over the life of your loan and potentially reduce your monthly payments.
When you refinance, you pay out your current loan with a new one—this means you can access available equity, change interest rates, and consolidate debts. You may choose to refinance from a variable rate to a fixed rate or from one bank to another. The opportunities are limitless, so don’t ignore the possibility of refinancing.
Look at the whole picture
It's not just the interest rate that can impact the cost of your home loan. When weighing up the benefits of refinancing, homeowners should pay close attention to any fees and features attached to home loan products, including the service levels offered by the lender.
Consider what features you want in your next home loan. For example, will an offset account and flexible repayment schedules save you money? Do you want to speak with your lender whenever you need to, or are you happy to rely on automated chat facilities online?
With so much to think about when considering refinancing, the options can be overwhelming. If you’re looking for further information on refinancing, you can contact BankVic to chat about home loan options.
For high-quality service and a competitive rate, consider calling us on 13 63 73 to find out how our lending products are tailored to meet your unique needs.
The information in this article is general in nature and does not take into account your objectives, financial situation, or needs. You should consider whether it is appropriate for you before acquiring a product or service. Police Financial Services Limited ABN 33 087 651 661 - trading as BankVic | AFSL and Australian Credit License 240293.
