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Borrowers rush to refinance as loyalty tax bites
The Reserve Bank is expected to leave the cash rate on hold at 0.25 per cent when it meets this afternoon. But a new survey from RateCity.com.au found 43 per cent of home loan borrowers are looking to refinance in light of COVID-19 and record low rates.
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Simply enter your address to receive your free RateCity property guide. This report includes all the basic details of your property, such as its size and features, as well as an overview of its past sales history. It also estimates the property’s approximate value, based on recent sales of similar properties in the local area.
Refinance your property
Refinancing a home loan involves switching from your current mortgage to one that’s better suited to your present financial situation, such as a home loan that charges lower interest or fees, or one that offers useful features or benefits. If you’ve been paying a mortgage for some time, you may be able to use the equity in your current property instead of a deposit when you refinance your home loan. If your property has increased in value over the years, its capital growth is added to your equity, which could help you qualify for a new home loan without having to pay Lenders Mortgage Insurance.