Rise in Home Loan Refinancing

Rise in Home Loan Refinancing

New data indicates Australians are saving more on their home loans by refinancing and securing a more affordable home loan solution.

Here are the facts:

  • Approximately 22,000 people in Australia refinanced their home loan in December last year.
  • This happened on the back of consistently low interest rates (according to finder.com.au).
  • Refinanced home loans are predicted to hit a value of $100 billion in 2016.
  • In 2015, refinanced home loans made up a record $77 billion in value.
  • finder.com.au estimated that out of the 21,896 Australians who refinanced in December 2015, there was an approximate collective saving of $148 million. (If each borrower fixed their home loan for 3 years at the cheapest rate).
  • Head here for more on these findings.

What does this mean for borrowers?

According to finder.com.au, a rate rise is likely to come sooner rather than later. This means now is the time to see if home loan refinancing is the right option for you. If it is, you just may save a significant amount on your mortgage repayments.

Most good mortgage brokers offer a ‘Home Loan Health Check’ service, which in some cases is also free of charge. If it turns out that you don’t actually need to refinance your existing loan, then at least you are not out of pocket.

Plus, you have peace of mind, knowing you are currently getting a competitive home loan rate.

Do you need home loan refinancing?

Capita can review your existing home loan and assess whether there are more affordable options available for you. We don’t just look for the most competitive rate available. We also dig deep to find a home loan solution that matches your investment goals, and your circumstances.

Contact our team to get started with your home loan refinancing today.