Home Loan lending over the last few years has actually seen a huge increase in competition between lenders. This is particularly the case with second tier lenders that are usually offering interest rates well below many larger lenders.

Changing home loans to a new lender may save you a lot of money and we will work with you to identify the possibilities and also the cost of refinancing and the amount that you will save by doing this.

Lower interest rates may seem attractive but it is not enough to just look at rates on offer.

There are costs involved that can include state government charges, discharge costs from your existing lender and application fees from your new lender but the biggest cost would normally be mortgage insurance if the amount that you have borrowed is above 80% of the value of the property. If this applies to you, then it is unlikely that refinancing to achieve a slightly lower interest rate would be in your interest.

You need to consider these costs and the amount of time that it will take to recover them.

However, there are plenty of situations where the savings can be substantial and it is always worthwhile talking to someone who can advise you of the benefits of refinancing. So if you are interested in finding out more, all you need to do is to get in touch with us and ask us to do a Home Loan Health Check.

It’s a free service.