With soaring interest rates seeming to be a never-ending event when a new month rolls over and the Reserve Bank meet, is this the only reason why you should consider refinancing?
Refinancing your home loan can be something you do because you want to find a better deal, or because your personal situation is changing and you need to alter your finances.
Refinancing can help by improving your interest rate, finding a superior home loan product, or as a tool to access equity or consolidate debt.
If you’re not sure if now is the right time to refinance, ask yourself these questions:
- Have my circumstances recently changed?
- Have the interest rates changed?
- Is my fixed term ending soon?
- How much debt do I have?
- Do I need money for a big purchase?
- What are the goals for myself and my family?
- Could I benefit from better loan features?
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