This may mean that quite a few local homeowners might be thinking about refinancing their existing mortgage loans in the hunt for a better deal. Now, if you’re a regular reader of these posts you’ll probably already be aware that I regularly advise property owners to explore their refinancing options every few years, as it can save you thousands of dollars per year.

However, having said that, I would also remind you that there are some key questions to ask yourself before you sign on the dotted line for a new home loan. They include:

• First and foremost, if you are considering refinancing, are you using an independent Mortgage Broker? If not, why not?? They will have access to offers that you may never know about, they can analyse which loans will best suit your needs, (rather than just a published interest rate), and they can assist you through the application process, (at no extra cost to you).
• Have you looked at your plans for the next few years? For example, whilst the interest rate is important, will your new loan cater for a change of circumstances if, for example, you decide to expand your family?
• What costs will you incur in changing over? You need to weigh up how much you will save through a lower interest rate versus the fees you may have to pay such as application fees, valuation fees, discharge fees from your current lender, etc. It may take you longer than you realise to get in front.

Remember, as I mentioned above, an independent Mortgage Broker will help you look beyond the headline interest rate to understand the full implications of a refinancing move.

Of course, if you need any advice or guidance on more general property questions, our team at Barry Plant Thomastown are always more than happy to assist, so feel free to give us a call this week on 9466 3233.

Best wishes,

Con Constantinou

Barry Plant Thomastown