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When Should I Refinance My Home Loan?

Sometimes refinancing your home loan can be a really viable financial decision. The trick is understanding when to do it, and what the real benefits can be to your financial situation. Everyone’s circumstances are different, however here a few signs that it might be time to consider refinancing your home loan.

Looking for a Lower Rate

When you’re first looking at houses, it can be easy to sign up to a home loan only to realise further down the track that it isn’t the most financially sustainable. Refinancing your home loan with another lender gives you the opportunity to search for a lower rate of interest and terms that suit your financial needs. While you may have to cover early exit fees and payout charges, often you will still save far more money in the long run by refinancing your high interest loan and taking out a lower one with another provider.

Consolidating Debt

Not only can you take advantage of lower interest rates, you can also consolidate most of your debt when you refinance your home loan. Imagine having all of your credit card debt, personal loans and car loan all combined with your home loan. With this one simple loan, you only have to focus on one monthly repayment at a competitively low rate of interest. For more information on how you can maximise your money, consider contacting Fox Symes home lender services and see how refinancing can work for you. Not only are they a leading provider of top quality home loan services and refinancing, they also assist with debt solutions and other financial advice. When you choose an experienced and reputable agency such as Fox Symes, you know that you are going to be in good hands.

Finding a More Flexible Loan

Sometimes it takes time to realise that you want something different out of your home loan. Whether it’s a change in circumstances, perspective or priorities, there are many reasons why people start looking for alternatives to their current loan. Refinancing gives you the opportunity to search for a loan that truly fits your needs, something that is both flexible and financially viable. You might be looking for a loan that allows you to redraw money in an emergency, or a loan which offers more manageable repayment options. Whatever your reasons are, if you aren’t entirely happy with your current home loan, it’s time to consider refinancing and moving on to something better.

It’s important to know when refinancing could work for you, so make sure you keep these points in mind. It pays to do your research and keep an open mind, as refinancing your home loan can represent hundreds of dollars of savings every month. Don’t let your money go to waste on a home loan that doesn’t truly meet your financial needs, and consider refinancing as a savvy solution for your situation. Get on top of your finances by calling Fox Symes and finding out just how much you could save by refinancing your home loan today!

Katie enjoys writing across a range of personal finance related topics and put together this information for those who may be considering refinancing their mortgage but don't know where to start. 

 
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