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If you’ve had a mortgage for some time, you’ve probably thought about refinancing at least once or twice. It could be because you’ve had a bad experience with your bank treating you more like a number than a customer. Or perhaps you want to borrow more money but your current bank hasn’t presented any enticing offers.
Whatever the reason, refinancing is often about finding a better deal. But most people don’t get beyond thinking about it because they fear it’s a costly exercise. However, this is an all-too common misconception.
It doesn’t have to cost you the earth
Refinancing costs have dropped significantly over the last few years. This is great news if you think you’ve found a better offer.
If you’re in this boat, follow these easy steps to get on the right refinancing track …
3 simple refinancing steps
- Review your current bank loan: Make sure you fully understand all associated fees (including deregistration and valuation fees) and your current interest rate.
- Reflect on how you use your existing bank accounts: Do you need an offset feature or a linked savings account? What fees are you paying (for instance, to use ATMs, a monthly account charge etc)?
- Speak to a mortgage broker: Being professionals, they’re in the best position to advise on what’s out there and whether you can get what you really want. They may even be able to direct to you a deal you didn’t know existed. Another advantage is they can manage the entire process for you – saving you time, stress and most importantly, money!
Unsure of what to do next in your refinancing journey?
If you’re still a little confused about the process or need further assistance locating the right deal, then contact us for an obligation-free chat. We’ll use our years of expertise to provide you with a diverse range of refinancing options to ensure you get the best fit for your needs today.