{"id":5525,"date":"2024-12-19T10:23:15","date_gmt":"2024-12-19T00:23:15","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5525"},"modified":"2024-12-19T10:23:15","modified_gmt":"2024-12-19T00:23:15","slug":"have-you-refinanced-recently-it-could-be-time-this-summer-break","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/have-you-refinanced-recently-it-could-be-time-this-summer-break\/","title":{"rendered":"Have you refinanced recently? It could be time this summer break"},"content":{"rendered":"

\"\"If you haven\u2019t looked into refinancing since the start of higher interest rates, it might be time to ask yourself \u2018why not?\u2019 New research shows it could be time to try again \u2013 especially if you want to start 2025 off on the right foot.<\/strong><\/p>\n

A new\u00a0report from Canstar<\/a>\u00a0shows more than one in five borrowers were able to negotiate a better interest rate from their lender this past year.<\/p>\n

One in ten successfully switched to a new lender in the last 12 months.<\/p>\n

Even so,\u00a0fewer home loans have been refinanced<\/a>\u00a0this year compared to 2023.<\/p>\n

With rates looking like they might stay higher for longer, it could be worth taking a fresh look at refinancing over the summer break.<\/p>\n

What\u2019s holding borrowers back?<\/h3>\n

According to Canstar, around 5% of borrowers tried to refinance in 2024 but didn\u2019t have enough home equity.<\/p>\n

A further 5% didn\u2019t meet the bank\u2019s requirements.<\/p>\n

It\u2019s a situation dubbed \u2018mortgage prison\u2019 \u2013 where you\u2019re stuck paying more on your home loan because you don\u2019t qualify for a lower rate home loan.<\/p>\n

As Canstar notes, a lot of people think they\u2019re in mortgage prison.<\/p>\n

But if you haven\u2019t tested the lock recently, now could be the time to try.<\/p>\n

Why it could be time to revisit refinancing<\/h3>\n

Even if you\u2019ve had a go at refinancing in the past, it\u2019s worth talking to us to see if you could qualify for a new loan today.<\/p>\n

On the home equity front,\u00a0home prices increased nationally by 5.5%<\/a>\u00a0in 2024. So you could have more equity than you realise.<\/p>\n

Also, if you have a solid record of regular repayments, some lenders may be willing to\u00a0stress-test refinancers<\/a>\u00a0using a loan serviceability buffer as low as 1% (below the standard 3%<\/a>).<\/p>\n

The important thing is that you speak with us to get to know your options.<\/p>\n

How much could you save by refinancing?<\/h3>\n

Well, that depends on how big your current home loan is, what your current interest rate is, and how much you reduce that rate by.<\/p>\n

But an\u00a0analysis by RateCity shows<\/a>\u00a0the average borrower who has not refinanced their home loan in the past 12 months has paid almost $6,000 more interest during that period as a result.<\/p>\n

Is refinancing difficult?<\/h3>\n

Almost one in five (17%) borrowers surveyed by Canstar said they had no plans to refinance because they believe \u201cit\u2019s too much like hard work\u201d.<\/p>\n

Let\u2019s clear the air on that one.<\/p>\n

As home loan professionals, we\u2019ll help you with the legwork, track down a home loan that meets your needs, help with the paperwork, and liaise with lenders on your behalf.<\/p>\n

The bottom line is that we can streamline the refinancing process for you.<\/p>\n

Put us to the test.<\/p>\n

Get in touch today to see if your home loan is still suitable for your needs \u2013 and if not, we\u2019ll help you find one that is.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you haven\u2019t looked into refinancing since the start of higher interest rates, it might be time to ask yourself \u2018why not?\u2019 New research shows it could be time to try again \u2013 especially if you want to start 2025 off on the right foot. A new\u00a0report from Canstar\u00a0shows more than one in five borrowers […]<\/p>\n","protected":false},"author":23,"featured_media":5526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5525","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHave you refinanced recently? 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