| Dear Homeowner,
Switching home loans could help pay down your mortgage sooner, providing you are refinancing for the right reasons and understand what’s involved. Here’s our guide to refinancing to help you make the right move when the time comes. Know the costs: Paying 0.5 per cent less per annum on a $250,000 principal-and-interest mortgage could save you around $23,000 over the life of a 25-year loan. That’s a sizeable chunk of change back in your pocket over the long term, but there are usually up-front costs associated with switching loans, especially if moving to a new lender. Know the costs of exiting your current mortgage loan before switching. Depending on the type of variable rate loan you have, the lender may apply fees if you choose to bow out. If you are on a fixed rate loan, a cost will usually apply when paid ahead of the agreed timeframe. You should also factor in any set-up costs for your new loan, which can be several hundred dollars, and any ongoing account fees. Only once you have factored in all of the associated costs will you be able to assess whether you gain financially by refinancing, and that’s where we can help you make the right decision. If you haven’t done so yet, please visit https://free.mortgageaustralia.com.au/anisrahman/ to download my book. Regards |
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