[MoreMore Tips] Refinancing loan, you don’t want to miss out save.

Refinancing is a good option to reduce interest payments, shorten the loan term and ensure that the loan is still suited to your current situation and future goals.

There are wide variations in loan rates among lenders, and your MoreMore Finance broker can negotiate a better rate for you. Have a chat today! We help you save more borrow more. [contact us]

What is refinance?

Refinancing is the process that is replacing your existing home loan with a new one, either with your current lender (i.e. internal refinance) or through a different lender (i.e. external refinance).

Why refinance loan?

4 common reasons to consider doing it:

1. Save money with a lower rate. Refinancing gives you access to a more competitive interest rate and thereby lower repayments. Your MoreMore Finance broker can negotiate a better rate for you.

2. Switch between fixed and variable rate. If you prefer the certainty of repayments for the next period, you may wish to switch to a fixed rate. Or you may want to access some flexible features (e.g. redraw facility & offset account) and take advantage of a lower variable rate.

3. Access debt consolidation. It brings several high-interest debts together into one lower rate debt, which helps to manage your repayments and get a precise plan of future budget.

4. Equity access. When you refinance your loan, you will have access to the equity that you’ve built up. Then, you may use this amount of money to re-investing, car purchasing, or other personal goals.

When should I refinance my loan?

Asking myself questions below:

• Do I want to get a lower interest rate and shorten the loan term?

When interest rates drop, it might be time to consider refinancing to shorten the loan term and pay fewer interest payments.

• Do I want to access flexibility or certainty?

Refinancing is a good option helping you to switch between variable-rate and fixed-rate. You could access more flexible features (e.g. withdrawal facility & offset account) with a variable rate. With a fixed rate, your repayments would remain the same each month, and thereby you could get a predictable budget in future. Ready to switch? Contact your MoreMore Finance broker, who makes your switching effortless.

• Am I going to purchase a new property, buy a car, or invest in children’s education?

Refinancing is the way to unlock your equity and consolidate debt, and then you can use this amount of money for your personal goals.

Don’t forget to factor in the costs associated with refinancing. You might want to check the additional fees below:

• Establishment fees when starting the new loan.

• A valuation fee which the lender may charge to value your property.

• Break costs associated with leaving a fixed loan before the termination date.

• A settlement fee that the new lender may charge to pay out your current mortgage.

As an individual scenario and market conditions change over time, it might be time to review your loan and ensure it’s still meeting your current needs.

If you choose to refinance, we’ll do all the paperwork, helping you through the entire switching process. Have a chat with MoreMore Finance, get refinancing effortless today.

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