Refinancing your home loan has the potential to save you thousands of dollars. Borrowers who refinance with Lendi save an average of $2,832 in interest over the next year of their home loans. And on average, Lendi’s customers reduce their interest rates by 0.89%
In this article we’ll explain how you can refinance to make big savings like this.
It’s great that you’re interested in refinancing your home loan, but it’s important to make sure that you’re eligible to do so.
Lenders look for borrowers who have a history of making consistent repayments, a healthy credit rating and generally prefer borrowers with at least 20% equity in their home. Meeting these requirements indicates that you are a low risk borrower that the lender can trust to make repayments.
Lendi recently launched our Approval Confidence™ feature that allows homeowners to get an idea of the interest rates they are eligible for. Approval Confidence™ gives borrowers a quick and realistic insight into their home loan options without affecting credit ratings.
There are many reasons why homeowners consider refinancing their existing home loan. Commonly, it might be to find a better interest rate or consolidate debt. However, you can refinance to extend or reduce your loan term, add loan features, switch between variable and fixed interest rates or even access some cash.
Your home loan should work with your changing lifestyle and finances, not against it. If you think your home loan doesn’t suit your situation anymore, it may be time to refinance.
Most homeowners are motivated to refinance by the prospect of saving money. So, it’s important to consider any costs that may arise during the process. If you’ll end up spending more money than you’ll save by refinancing, it may not be worth it.
Refinancing costs can include:
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In order to save money when you refinance, it’s smart to be open-minded and consider your options. Refinancing with your existing lender can help you avoid some of the fees commonly associated with refinancing. However, your existing lender may not offer the most competitive interest rates in the market.
Found out if your home loan interest rate is competitive:
Lendi’s Home Loan Specialists provide free, expert advice and can guide you through the refinancing process. Make an appointment today to get started.
Online home loan comparison and brokerage websites like Lendi make refinancing easy. Our platform allows you to quickly compare a range of home loans from over 35 Australian lenders in one place.
Once you’ve found a home loan that you like, you can apply and get approved entirely online — you don’t even need to leave the house.
Any questions or hesitations? No problem, our expert Home Loan Specialists are here to help you refinance to a loan that suits your changing needs.
Find out what your new repayments might be in seconds.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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