Refinance Your Mortgage
Get the most out of your mortgage
It’s rare for a bank to contact an existing client to tell them that they can provide a cheaper rate on their home loan, and then it's usually only when they are faced with the prospect of losing the loan to another lender. At LKFS, regularly reviewing our clients loan facilities and keeping their banks honest, is just another part of our process.
We keep your bank honest
We have the ability to open up the entire banking system to our clients, yet they still have the pleasant experience of only dealing with the one person, so if you're unsatisfied with the current interest rate of your current home loan, or just seeking better customer service, why not consider LKFS?
Common reasons for refinancing a home loan:
- Getting a better interest rate and fee structure – it's good practice to regularly check on what’s going on in the market
- Accessing the equity you have built up in your home – this can be used to pay for improvements or even fund an investment.
- Consolidation of debt – this is a great idea if paying you're higher interest rates on other debts
Despite the smaller number of products available in the mortgage market, competition is still alive in Australia and with interest rates at records lows, the refinancing of mortgages has hit an all time high, so why not speak with one of our friendly staff and find out how much we can start saving you?
Tips for getting the most out of your mortgage:
- Compare the upfront & ongoing costs. Compare the features too – the lowest interest rate is not necessarily the cheapest loan
- Make sure the lower interest rate being offered is for the life of the loan – take into consideration the fees if it’s a shorter term interest rate and make sure you diarise a review so that you don't get caught out by an increasing interest rate
- Avoid sending applications to lots of lenders in the hope they will say yes, this can have a negative effect on your credit file
- Consider the tax effective nature of your loan facilities when considering a refinance – combing tax deductible debts with non tax deductible debts can minimise the tax effectiveness of your investment
- Review your home loan regularly – banks rarely have competitive products 100% of the time and they make most of their money on those clients who haven’t reviewed their loan for a number of years.
Why not try our free Home Loan Health Check and make sure you are getting the best deal available for you situation? Feel free to call us today on 1300 930 106. Alternatively, you can find more information here.