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With lenders adjusting their rates outside of the reserve bank, now is a great time to compare and check that you have the right loan for your needs. It will depend on what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan.
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Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.
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Maybe you're looking for options to better managed your money with an offset account, a redraw facility, a payment holiday, portable loan or all in one loan.
With an array of products at our disposal, we are sure to find the flexibility in your loan that you are chasing. |
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This is one of the main reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though, it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time.
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