Wednesday, February 02, 2005

Refinancing a Home Loan

Refinancing your home loan can enable you to start afresh and may enable you to take advantage of improvements in your credit as well as reductions in market interest rates. These are certainly good reasons to refinance because lower rates can reduce your monthly payment or the length of the loan. However do not rush into things without carefully doing your sums.

Refinancing in Australia can be expensive and time consuming due to the amount of red tape involved. Redrawing on an existing loan is much simpler and less expensive, so check out this option first, it's likely to be the cheapest option.

A financial professional can help you figure out the best options, do a comparison of the costs associated with each option and determine what is the best choice for you given your particular circumstances.

Refinancing a Home Loan in Australia