In this video, iChoice principal Jason talks about refinancing your home loan.
Why do people refinance?
- To get the structure of their borrowing correct to make it more efficient.
- Increase the borrowing limit and unlocking residential equity (remember you only pay for borrowed money that you actually use and isn't in an offset account).
- The banks get more and more competitive over time and better products and interest rates usually apply over time.
The costs to refinance can often be offset by a cashback from various banks although it's not uncommon to save clients in the hundreds every month just by placing them in a tailor made product.
Savings in the thousands of dollars a year are only a phone call away!