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Performance Finance Solutions

Phone: +61 413 729 778

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11.01.2022 Are you looking to pay less interest? Some people are savvy researchers and will want to take advantage of a lower interest rate from another lender should that be available to reduce repayments. If you aim for a lower interest rate, this could potentially save you a lot of money in the long term. While saving money is often one of the biggest benefits of refinancing, it may not be as straightforward as that and careful consideration is required. At this point, the broker wil...l need to find out about your existing loan, repayments and current loan structure. Your mortgage broker will also need to find out more about your current financial situation, including your income, any other current debts and about any assets you own. The current value of the property is also taken into consideration, so your broker will have access to current data that will indicate what your property is likely to be worth. The broker will then review the various loan options and figure out whether it’s worth it for you to refinance. Sometimes it’s not worth it if it’s only going to save a couple of hundred dollars a year, particularly when you take into consideration the exit and application fees involved. But if it’s going to save upward of $1,000 a year, refinancing might be a sensible approach. In some cases, the mortgage broker can tell you if getting a lower interest rate from your current lender can be achieved without refinancing. See more