Switching to a new home loan might sound like a hassle. But new research shows brokers don’t just make refinancing easier, they can also help home owners secure a lower interest rate – and much more.
A string of rate cuts this year has helped drive a sizeable uptick in the number of Australians refinancing their home or investment loan.
The June quarter saw a 24% jump in the number of home owners refinancing to a new lender compared to the same quarter last year, according to the ABS. And the number of investment loans refinanced rose by 15%.
Switching to a new loan could see you enjoy a raft of benefits – from a lower loan rate through to improved loan features.
And the benefits of refinancing can really ramp up when home owners partner with a broker, new research from the Mortgage and Finance Association of Australia (MFAA) shows.
Who doesn’t love paying less for things?
When it comes to your home loan rate, even a small discount can add up to serious savings on your home loan repayments and long-term interest costs.
The good news is that a recent MFAA survey found a whopping 99% of brokers have recently helped their clients secure a discount.
That’s no surprise to us. As brokers, we work hard to help you land a competitive rate.
And, as brokers work with an average of 23 different lenders, you can be confident we have conducted a thorough search to identify the loans that tick the boxes for your home loan needs.
Like anything in life, if you’re thinking of refinancing for the first time, the process can seem daunting.
We aim to make it as streamlined as possible.
According to the MFAA, 92% of brokers have helped first-time refinancers. If that sounds like you, rest assured, we take the time to explain how refinancing works, the potential savings in interest you could make, and the timeframe for your new loan to be in place.
Better still, we can liaise with your old – and new – lender to help ease the burden of the whole refinancing process.
Nothing says “customer satisfaction” like a repeat client.
97% of brokers have numerous home owners who keep coming back to them each time they need home loan help, the MFAA survey found.
It’s a testament to the difference brokers can make to your home loan journey – from your first home loan, to your next, right through to an investment property loan and/or refinancing.
So if you’d like to start your journey with us – or take the next step – contact us today and we’ll be happy to help you out.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Paul da Silva
Director & Senior Mortgage Advisor
