14 Jan 2022

Now that the dust has settled on the holiday season and 2022 is well and truly underway, it may be the time to consider a refinance. Many mortgage holders actually never give the possibility of a refinance much consideration, not because they don’t want ot – it’s just not on their radar screen. We think that’s crazy and here are the reasons why.

Rates are too good to ignore

No one can deny that interest rates have dipped to an historically low level with some lenders offering products less than 3%. Both fixed and variable rates are extremely competitive so there are great options all round. Furthermore, if you are an Investor, you would not want to miss out on an opportunity to maximise your returns with a great low rate. But rest assured, these low rates cannot last forever so it will reap rewards if you snap something low now

Lenders will reward you

Lenders are falling over themselves to win your business. Not only are low rates there to entice you, but several banks are offering cash rebates for both refinance and purchase applications. These range from $2,000 to $4,000 per application depending on the bank. The cash back amounts should more than cover any change over costs that may be incurred from refinancing, with the residual yours to enjoy. Other lenders also have Frequent Flyer points on offer, the amounts varying from bank to bank. Either way, you could stand to benefit from a few thousand in cash or flyer miles to put towards your next holiday – which is hopefully not too far away.  Once again, these offers will not be around indefinitely so we always recommend to act sooner rather than later before they are rescinded

It doesn’t have to be difficult

Those who opt not to refinance do so out of the misconception that it’s a difficult process. In most cases it’s actually not that hard. However, when there is a more complex scenario involved, having a mortgage broker guiding you through the process and advocating for you with the lender makes the process much more seamless than if you attempted the process alone. As an added bonus, a mortgage broker will most likely be able to secure additional interest rate discounts than advertised by the lender so you will reap even more savings.

You can refinance with your existing lender too!

Quite often a refinance may  be achieved with your current lender. Your mortgage broker may be able to simply restructure your loans and change your products within your existing financier resulting in minimal fuss and a quicker turn around. In fact, a regular review with your broker to see what else your current bank has on offer is a must.

What are you waiting for? With low rates to help you save money and pay down your debt quicker, great incentives being offered by lenders to win your business and an experienced team in your corner guiding you every step of the way, we think it’s a no brainer. For more information on what options are available contact the Blackburne Mortgage Broking Team.

 

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