When was the last time you reviewed your financial situation? To refinance a property in Melbourne, for instance, is almost standard routine for many of our customers because changes to fees, loan products, and package features are relatively common. Keeping up with the rapid pace of the market, however, is sometimes a tricky task, which is why many property investors are simply unaware of the potential saving gains from shopping around. If you need guidance when it comes to refinance in Melbourne, the Hunter Lending Group are at the ready to assist with your enquiries.
In many cases it can be easily justified to switch lending providers or change loan products to something more beneficial in the long-term. As a general rule, we encourage our customers and industry associates to review their property valuation and finance arrangements on a semi-regular basis because you would be surprised at how often you can find a better deal out there.
Not sure about what to look for when making a checklist for what to consider in terms of refinance in Melbourne? Here are some notes to consider when reviewing the features of a loan product and/or package.
Offset account: Cash-in-hand can be offset against your loan balance until you need to spend it, potentially saving interest.
Line of credit: If you have a lot of equity in your home, for example, a lender might be prepared to offer you a useful (and cheap) line of credit which can be secured against the property.
Repayment flexibility: Repaying a loan fortnightly rather than monthly can save thousands of dollars. There are 26 fortnights in a year, but only 12 (not 13) calendar months, so you pay the principal off quicker (and therefore pay less interest) when you make fortnightly repayments.
Also, it is always recommended to find a refinance option in Melbourne that allows you to pay the loan out early with minimal financial penalty. Paying excessive interest when repaying above the minimum threshold can be fiscally detrimental, so do be aware of this aspect of a loan package.
The Hunter Lending Group can assist if you prefer to release equity in your home or investment property. As mortgage refinance and broker specialists in Melbourne, we enjoy direct access to 30 leading financial institutions, including Australia’s major banks and credit unions. In a constantly changing mortgage marketplace, we source, recommend, and secure refinance loans on your behalf. Refinance in Melbourne with our mortgage brokers today.
Our team of home lending specialists will assess your financial situation and future needs. This includes your borrowing and repayment capacity which is crucial when recommending the most appropriate home refinance loan. This our duty of care to you. We are client centric and pride ourselves on our personalised, fully tailored approach in securing your financial future.
The mortgage market is a variable environment. Take advantage of lower interest rates and flexible repayment options, free up monthly income with debt consolidation or begin a journey into wealth creation with an investment property purchase. Contact us today on (03) 9497 4917 to learn more.