I have been receiving a lot of refinancing enquiries lately so I thought I would update you on this particular topic and where all the banks are sitting after the last 4 rate cuts.
You will see from the below summary they are all extremely similar so it’s not always a case of rushing over to the fanciest deal you see online as there may be some hidden factors that should be considered.
Here are the 10 main reasons people may refinance their home loan:
- Lower repayments
- Lower their interest rate
- Change structure (e.g add offset account)
- Change product (change to investment loans)
- No longer satisfied with current bank
- Increase facility to invest or for renovations
- Access increased equity
- Fixed period or interest only period expiring
- Increase borrowing capacity
- Consolidate loans and debt
Banks are pricing very competitively at the moment and offering incentives such as $2000 – $4000 just to refinance your loan over to them.
If you’re keen to discuss refinancing your home loan, for whatever reason, we’d love to hear from you. In the meantime, here is a comprehensive list of lenders and their recent rate cuts.