Do you have a new financial year resolution? If not, you might want to consider refinancing your home loan. The cash rate has been slashed to 0.25% by the Reserve Bank of Australia, and home loan rates are rock bottom.
5 undeniable reasons to consider refinancing now:
- Lenders want your business, and are offering everything from discounted fees, cashbacks and more to get you on their books.
- There are more competitive rates. You may save hundreds, if not thousands, over the life of your loan.
- You could refinance to a loan with better features, like redraw facilities or extra payments.
- Switching banks doesn’t take as long as you think. The refinancing process is much shorter than it used to be.
- Sadly, loyalty to a bank doesn’t mean much these days. You could be missing out on a better deal elsewhere.
To get things started, compare your mortgage to RateCity’s top refinancing loans in the rates table below.