Refinancing Your Home Loan

The Nuts and Bolts of Refinancing Your Home Loan

The property market in Australia had still shown signs of softening into the second quarter of 2009 but many lenders have been raising fixed interest rates despite the Reserve Bank of Australia leaving rates on hold from March through to August. Housing data  shows some strengthening of the market in response the the Australian Government’s FHOG/FHOB and stimulus packages. New housing sales rose 3.9% in February following on from an 8% rise in January with predictions of further housing gains now that it seems we’ve seen the worst of the recession.

Now is a great time to refinance your home loan to fully take advantage of capital gains during the next cycle of increasing prices.

Maximise performance with a Home Loan Tune-up

Is your current loan tuned for maximum performance?

Compared to some of the new loans and lower rates on the market, you may currently have a home loan that is not in the best shape.  If you have total lending with one lender over $150,000 you may be eligible for a discounted interest rate!

A Home Loan Tune-Up will assess your current loan in relationship to your situation, and reveal if it is still suitable for your needs or costing you more money than it should.  I’m able to identify the level of equity you have in your property and new options in the rapidly changing home loan market that could better suit your lifestyle.
A Tune-Up will evaluate the possible benefit of refinancing and the costs of refinancing against the life time of the loan.  Changing your home loan can be affordable and hassle-free – let me show you how.

Have you considered using the equity in your property to help you to improve your property, renovate, finance an investment property or assist a close relative to purchase their first home?  I can show you how to achieve your real estate or investing goals.

Following your Home Loan Tune-Up I’ll prepare a personalised, obligation-free, report that identifies how well your current loan suits you and details options that could help you save money now.

Chances are that your existing loan needs a tune-up.  The good news is that there are ways you can get a better deal. If identified as an option, simply refinancing could help you save money.

Why bother refinancing?

The health of your existing loan should help you determine whether you refinance or not.  Even a small rate cut can pay off quickly.  The Biking Broker will assess whether paying up front cost to get a lower rate is worthwhile for you.

The Biking Broker can weed out the loans that look good on the outside but have hidden fees that turn them into a long-term burden.  While promising lower interest rates, some discounted home loans come at the expense of higher fees or locked in products that push up costs.

What will it cost?

Best of all, The Biking Broker will conduct your Home Loan Tune-up, worth $150, FREE of charge.

The cost of refinancing depends on your existing lender’s exit fees, and the establishment fees imposed by the new lender.  You should check with your current lender what it would cost to pay out your loan early.  Then The Biking Broker will weigh up for you how much you will save over the course of the loan.

If you find the right loan, you will save with a better value deal over the course of your loan.  The money you save can be invested elsewhere.

Disclaimer: – This is for general information only and is not financial product advice.  It does not take into account your individual objectives or needs.