Just a quick thought:
A few things I would like to put out there of some points to possibly consider when looking to refinance or simply to save money on a property loan when doing it yourself :
A licensed adviser/ broker can assist you to make a very informed decision considering your circumstances and goals.
- Have you gone back to your lender to mention you are looking elsewhere to see if they can sharpen their pencil.
- When looking at comparisons of lenders and products it is all well and good to have a lesser interest rate to talk about at the lunchroom however there are other important things to compare such as Est fees, Val fees, legal, annual fees and so forth.
- A good, itemed line to compare is Total Interest/Charges. This will tell you what overall the facility will cost you.
- Can additional features assist you more such as offset accounts and redraw facilities? These assist for certain types of borrowers as in most cases can attract costs. However, for a good saver these may benefit.
- Fixed or variable which is right for you and which way will the market go? N.B many have restrictions on fixed rates for extra repayments, and limited features.
- Are cashback offerings really valuable to your requirements
- Values are high ATM which means a property value to loan amount becomes very favorable to a lender where it is a borrower's market. Use this to your advantage.
- As we mention frequently when is the best time to review your loan? When you can, as circumstance in life and economics can sometimes interfere with your ability to be favorable to a lender. Any questions happy to assist.
Shannon Harding Rock Solid Financial Services Brisbane 0427879258 or PM
The above is for general information only and is not aligned with your current circumstances therefore is not to be considered advice. Please consult a licensed Financial Planner or licensed Broker for advice.
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