As interest rates are hovering at historically low levels, now seems like an excellent time to refinance. Refinancing your home loan can reduce your monthly payments, lower your monthly interest rate, and help you save on repayments. A Freshwater Financial broker will explain what options are available to you regarding a lower interest rate on your home loan.
In an era where Australians have access to an overwhelming amount of data, it is easy to get confused when trying to figure out what to do next. Freshwater Financial Services can give you the expertise you need to get the process started.
Confusion costs a lot of money.
When it comes to refinancing, there are so many reasons why some people haven't done it yet, even though they could. For most Australians who have a mortgage, it begins with confusion, and that confusion may be taking its toll financially.
A study revealed that 78 percent of Australian mortgage holders are confused about refinancing, 13% of whom have no idea what it is. At the same time, 44% of mortgage holders have never even considered refinancing, despite 69 percent of them believing it is a good time to look for refinancing because interest rates are low.
When is the right time to refinance?
Can anything be done at the right time? Well, it may be a good time to start since the current rate is significantly low, and many home loans start at just 2%.
In addition, many Australians have added free time because of new restrictions and changes to their working patterns, with an uncertain financial outlook for millions of Australians, and this compels consumers to inquire about a ‘home loan health check’ by Freshwater Financial Services.
Freshwater Financial Services provide information about the home loan process including the steps involved, how to go about the process and what's available on the market, while also assessing your eligibility.
Based on an average mortgage of $400,000, a reduction of interest rate by 1% could be worth $2,000 tax-free each year. This money could be invested in your offset account to further reduce your interest, relieve financial burdens on your household, or be saved for emergency needs.
Cut through the complexity.
The study found that over half of Australian mortgage holders (52%) believe using a mortgage broker will help them get a better rate, while 45% believe it will help them clarify their options.
Refinancing may seem overwhelming, but Freshwater Financial Services can simplify the process and remove the confusion. We have access to a wide variety of lenders, will guide you through the entire process of refinancing in Sydney, and will consider your specific situation when reviewing the loan options available to you.
Connect with Freshwater Financial Services Northern Beaches Speak with us.
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