Is now the time to refinance?

Is it time to refinance?

The big four banks have increased home loan interest rates, and now most other lenders have followed their lead. So is now the time to refinance?

Gone are the days when people would get a home loan and stay with the same lender for the full 25 or 30-year loan term. In Australia, the average homeowner changes their loan every four to five years because people continually seek a better deal.

There isn’t a one size fits all approach to how often you should refinance, but every borrower should be aware of the options that exist in the marketplace and do a regular home loan health check.

Some consideration when refinancing are:

  1. The current lending structure
  2. Interest rates available through other lenders
  3. Any costs associated with the refinancing process
  4. The amount of time/effort you will need to devote to the process especially if you are self employed.

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Interested in loan health check? Contact CPS Finance to discuss your options.