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Why 2017 might be the right time to refinance your home loan

Why 2017 might be the right time to refinance your home loan

For many Australians, making repayments on home loans constitutes somewhat of a backbone for their entire financial plan from month to month. They receive their paychecks, they put a substantial amount towards paying off their homes and they divvy up the remaining money in a budget that makes sense.

But what if it was possible to refinance your home loan, and by extension, rebuild your entire budget for the better?

In the Australian financial climate, there might be no better time than right now to consider refinancing. There’s a lot of money out there to take out loans at friendly rates and pay off home purchases affordably, but many people fail to seize that opportunity because they aren’t aware of the potential savings out there to be had.

Home loans today are in high supply

If you’re considering doing a home loan rates comparison and finding a better rate than your current one, there’s strong evidence to suggest now is a good time to do so. The Conversation noted that in the recent Financial Systems Inquiry report, it came to light that Australian banks have substantially increased their capital levels this year, and there’s approximately another $16 billion available in loan money.

This means that as consumers shop around for deals, they’re likely to find lower rates, as capital is in high supply. It’s a more buyer-friendly market now, in 2017, than it’s been in quite some time.

Do you even know your current loan rate?

Given the state of the market today, it might seem fairly obvious to some that now is a good time to refinance, but not everyone is picking up on those cues. According to RealEstate.com.au, this is for a very simple reason – 57 per cent of people in Australia don’t even know what their home loan interest rates are.

The first step toward getting a good deal on a home loan is simply knowing what your rate is and what alternatives might be out there. If you don’t have this information yourself, it might be worthwhile to find a broker who can help you track it down.

Fortunately, we have the expertise to get you the assistance you need. We have access to a vast network of Australian banks and non-bank lenders.

Contact the team at Premium Portfolio Finance if you’d like to learn more.

 

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