When is the right time to refinance?

Situations change, and your finances do too. Something that once suited you – be it an item of clothing, a job or a relationship – may become a poor fit as circumstances change. The same principle of change applies to your home loan – a mortgage that once suited your lifestyle and income may no longer be a great match as time goes by.

Personal changes like a new career, redundancy or the breakdown of a relationship can swiftly alter your financial position, as can external factors such as interest rate changes. There’s no need to sell your assets when faced with such circumstances: refinancing a mortgage or loan can alleviate much of the strain that the unexpected can bring.

Refinancing a loan which no longer suits your lifestyle has multiple benefits: these include accessing lower interest rates and benefiting from less expensive monthly repayments, consolidating your debts into one lump sum and even freeing up equity for big ticket purchases such as a car or investment property. Naturally, refinancing is best done in collaboration with a broker who understands your position; presenting you with an array of loans from various banking institutions which best suit your goals and lifestyle. Let’s talk!