One way or another, most people have been affected by the current economic climate.
Our members have been working extremely hard on the front line, more people are working remotely, others have changed their employment situation completely, while many people are simply unsure about what is around the corner regarding job security and their long-term financial stability.
During this time there are many options available to you to help alleviate some of that added stress, which could include refinancing your home loan.
How it works
Refinancing simply refers to taking out a new home loan to replace your old one. Because there is a wide variety of home loans on the market, it pays to do your research and thoroughly investigate the choices available, as you could discover worthwhile additional benefits.
Benefits to you
In the current financial climate, you might find a better interest rate, reduced fees, or have the option to shorten or extend the loan term. You may even be able to consolidate multiple debts into your new home loan, which could help improve household cash flow. Options may include, accessing equity in your property and fixing and splitting your loan.
Other considerations
There are many factors you will need to consider when looking at refinancing your home loan. Aspects such as fees and any lenders mortgage insurance (LMI) which may be associated with moving. Checking on the terms and conditions of your current loan is an important first step when considering any changes.
As home loans come with different options and features, you should consider whether your existing loan suits your current situation. Some options that are now available could offer the flexibility you need or even help you to pay off your loan faster.
Let's talk
As always, you should seek out sound financial advice, weigh up all of your options and be absolutely certain whether refinancing your home loan is the right move for you.
As Your Partner in Banking, QBANK is here help you however we can. If you would like to discuss with one of our Home Lending Specialists the possible options regarding refinancing, please contact us today.
