For many borrowers, refinancing their loan can be seen as an unnecessary hassle. A typical borrower finds their dream home, gets their mortgage, and starts making their repayments.
They won’t think any more of it.
But what if refinancing your mortgage meant reducing monthly repayments, and also unlocked equity that could be used towards building a better future? With interest rates at record lows, there has never been a better time to get a home loan health check.
If you are unsure if you should refinance, we have listed a few reasons why people refinance below.
Your finances change as your needs do and your home loan is no exception. If you’ve had a home loan for a few years now, it’s safe to assume your life has changed in that time.
You may have received a promotion, or gone through significant life changes such as getting married or had your first child. Refinancing will allow you to ensure your home loan is still in line with your needs and goals.
As your needs and financial situation change over the years, you might be able to contribute more towards your home loan and get out of debt sooner.
If you purchased in an area that has experienced home value growth while you’ve been paying down your mortgage, you may have a substantial amount of equity in your home.
Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.
At TJ Finance, we have access to over 50 lenders including major banks and non-bank lenders.
Our team will help you secure the most competitive loan solution, then guide you through every step of the loan process.
Our team will help you search, choose and settle your loan. Contact our team for more information on your loan options.