Have rising interest rates got you thinking about refinancing your home loan? You’re not alone. Head of Research at PEXA, Mike Gill, has said that property owners are feeling the crunch of higher living costs due to inflation and rising interest rates. This has motivated many homeowners to review their loans and to look for a better deal.
Is refinancing right for you?
If you’ve had your loan for more than 12 months, or your financial situation has changed, it may be worth considering refinancing. Your decision will ultimately depend on your personal situation, but common reasons for refinancing include:
- Securing a lower interest rate on your loan.
- Accessing features such as an offset account or redraw facilities.
- Accessing equity in your home to renovate, invest or travel.
- Consolidating your debts, such as a personal loan or car loan, with your mortgage to make your finances more manageable.