Trust Oz Lend with the Professional Loan Refinancing Guidance
Do you feel you are paying too much for your home loan? Then refinancing your mortgage can, in most cases, assist you to save serious money. Today mortgage loan refinancing can be undertaken to
- Reduce the current monthly repayment amount
- Shorten the lifespan of the Loan
- Move from an interest-only Fixed Period loan to a longer-term principal and interest loan
Current loan repayments can be reduced by either obtaining a lower interest rate or extending the lifespan of the mortgage loan.
Refinancing can assist in moving from an interest-only fixed period loan to a longer-term principal and interest loan. Today loan refinancing would assist you in finding a lower interest rate, which can reduce your monthly mortgage repayment amount or if you continue to pay the same monthly repayment amount as previously paid, you will pay down your mortgage loan much earlier.
If,as is quite likely, you are paying too much for your loan, refinancing a mortgage loan can help you save a significant sum over the life of the loan. quite a bit of money.
The key points to consider while opting for loan refinancing are
- Lenders make money from interest
- A lower interest rate is not the only thing to be considered
Lenders have a monopoly on the mortgage market, and they are more focused on their shareholders, than reducing your loan payments. Given the current financial environment, if you obtained your current mortgage loan some time ago, your current home loan may be costing you more than it should. Also, there are many variables other than a lower interest rate to consider when you want to reduce the overall cost of your home loan.
Choose the Best Option While Considering Rates
A lower interest rate is difficult to resist when you consider loan refinancing. This might be great, but have you considered fixed interest refinancing or loan splitting. There are many points to be considered while choosing the interest rate. Some of them are as follows:
- Will it be possible to make lump sum payments off the loan?
- Is there a redraw feature attached to your loan?
- What are the conversion rates once the honeymoon period expires?
- What options are available for fixed-interest refinancing and what is the expiry rate?
- Is there an offset facility connected that can assist to reduce the interest?
- Can the loan be transferred to another property if you want to sell and purchase again?
- What are the different costs involved if you want to sell or start again instead of substituting the current loan?
Why Choose Oz Lend?
At Oz Lend, we believe that a home loan should not be a burden on anyone. A loan needs to have flexibility, useful features, long term benefits and low-cost conversion options.
A mortgage loan that meets this criterion, will not see you waste your money, if you ever sell your home and choose to buy again.
One of the major benefits of refinancing is the ability to consolidate other debts. Once you consolidate all the debts at the same time, you will improve your cash flow and better manage your budget.
Oz Lend experts assist you in finding the best refinancing loan option that would suit your current financial situation. We would help you in choosing the best loan offers that are flexible and cost effective. These options would not only assist you in saving money but also have superior features when compared to your existing home loan.
Call us today on 1300 438 669 to book a meeting with an Oz Lend authorised credit representative and discuss your mortgage loan refinancing requirements.