Thinking of refinancing your home loan in Victoria? Whether you’re in bustling Melbourne, the scenic Great Ocean Road region, or anywhere in between, securing the best refinance rate for a home loan can put significant dollars back in your pocket – perfect for those weekend getaways or upgrading your family home.
However, you might want to consider the following pointers to ensure your refinancing is a success:
Optimise Your Credit Health
Your credit score plays a major role in the kind of interest rate you’ll be offered on a refinanced loan. Therefore, before you apply, check your credit report to make sure there are no errors and that any overdue accounts are paid up. If left unresolved, these could hurt your chances of getting a good interest rate.
Pay off whatever outstanding debts you can, and don’t take on any new credit. The stronger your credit profile, the better your eligibility is for refinancing, and the better your access will be to preferable loan terms.
Understand Your Current Loan
Take the time to review your existing mortgage. What’s your current interest rate? Are there any exit fees or break costs? Having a clear picture of your current loan terms will help you determine whether refinancing is financially worthwhile.
Compare Multiple Lenders
It can be tempting to go with the first refinance offer you receive. However, you should source and compare multiple options before making a choice, as interest rates and loan features can vary significantly between lenders.
At UV Financial Services, we can help you do this to save you the time and hassle of shopping around. This way, you can get access to a range of exclusive deals and competitive rates that you may not otherwise have encountered.
Consider The Loan Features
You need to consider that the best refinance rate isn’t necessarily the one with the lowest number. You also need to consider the features that come with the loan. These might be things like offset accounts, redraw facilities or flexible repayment options.
A slightly higher rate might seem like a bad idea until you take into consideration that the option offers better long-term value because it comes with other features that suit your financial habits and goals.
Seek Expert Guidance
Refinancing is sometimes more of an art than a science. It can be really tough to make a smart choice, given all the variables, and the wrong decision could end up costing you more in the long run.
That’s why you need to seek out the assistance of financial experts like the team at UV Financial Services, as we can offer personalized refinance advice tailored to your unique financial situation. Having that kind of expertise on your side can go a long way towards you securing the best possible refinancing terms and rates.
If you’re looking for the best refinance rate for a home loan, then contact us now or apply online. We will help you source and compare different loan options to get the best possible deal.
