Is it time to spring clean your mortgage?

Written by Deepthi Satheesan


It’s a new season and it’s the perfect time to make some smart changes in your life. This includes your mortgage! Have you thought about refinancing your mortgage?

 Well maybe it’s time you should, because interest rates and offers for home loans are always changing and it’s good to see what is happening in the current market. If you took out your home loan a few years ago it may have been perfectly suited to your needs then but as you may have realised interest rates a few years ago were much higher than the ones offered in the current market. Chances are you may get a better home loan rate now which can save thousands of dollars and time if you choose to refinance your home loan.

If you’re thinking to refinance your home loan ask yourself the following when comparing home loans:

  1. Can you get a better Interest Rate on your home loan?
  2. Can you save on costs?
  3. Can you save time?
  4. Will you get better features that suit your current needs? (E.g. 100% offset accounts or redraw facilities)
  5. Will you be charged an exit fee on your current home loan?
  6. Are you happy with the service?

Before you take the plunge and refinance your home loan it’s best to compare all the above to see how it compares to your current home loan. Don’t just look at the interest rates but the overall package of the loan. A home loan with a low interest rate may have more fees and less features than another home loan which has relatively higher rates but lower fees and better features.

This mortgage switching calculators may also help you compare.

If you would like to talk about refinancing your home loan to an LCU Home Loan please feel free to make an appointment with one of our loans officers on 02 9859 0535.

Check out LCU’s Home Loans