09 Dec 2021

The festive season stretches everyone’s finances tight, some to near breaking point. No matter how fiscally in control you are, there is always wriggle room to manage your finances better and we think that this may be the time give yourself the gift that keeps on giving in the form of a refinance.

Lender Rebates

The cost of refinancing is no longer an excuse for remaining in an unsuitable or expensive loan product. A wonderful gift you can give you and your finances this year is a cash rebate courtesy from a new lender with whom you refinance. Whilst you can expect to pay at least a few hundred dollars in fees when moving lenders this charge can be mitigated when financing with a bank that offers a refinance rebate.

Eager to win new business, there are currently several lenders that are enticing customers with cash rebates starting from $2,000. This bonus easily covers the cost of moving. Over the past year alone, the Blackburne Mortgage Broking team has facilitated the payment of tens of thousands of dollars in cash rebates for clients eager to secure a great deal on their home loan. Would a couple of thousand dollars make your Christmas a little merrier?

Secure a Low Rate While It’s Still an Option

The past few months has seen multiple lenders dip their toe in the “higher interest rate” water with several lifting their fixed rate loans. Don’t make the mistake of being complacent about interest rates and how low they have been in recent years. Rates are bound to move in an upwards direction at some point so there is no better time than the present to take out an insurance policy against higher repayments by locking in a great rate now.

Burn Your Balance with Multiple Offset Accounts

Do you manage your money from several transactional accounts? Multiple offset accounts are a feature worthwhile considering when you separate your finances into buckets. Many mortgage holders choose to have their savings into several accounts – one for savings, one for expenses, with other separate accounts set aside for purposes such as holiday funds or children’s savings. You could be doing yourself a disservice if every dollar you have is not working hard for you. Changing to a bank with the capacity for multiple offsets will fast track your debt reduction particularly if you like a “set and forget” strategy.

Unlock Your Equity to Realise Your Dreams

The property market has been particularly buoyant in the last year or so meaning that some mortgage holders may now be able to tap into the equity they now have to complete any dream projects that have been on the back burner. We are seeing clients now being able to complete their long-awaited dream projects because now they can borrow against their property when previously their valuations just didn’t stack up.

Improved Service Levels

With a hot property market and low interest rates coupled with a post-COVID world, in the past year lenders have been stretched thin and service levels have spiraled out of control. This alone turned off many from investigating a refinance simply as it seemed too hard. Banks have now started to return to acceptable service delivery standards and applications are settling generally more efficiently than 12 months ago. It doesn’t need to be difficult or stressful, particularly with an experienced team to guide you every step of the way.

Don’t start 2022 with a Financial Hangover. If you are serious about saving money on your home loan and getting ahead, we can match you with a lender who is serious about offering you a great deal. We are pretty sure we can make this season more festive with a new lender and new rate, just ask us how!

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