Thursday, March 17, 2005

Refinancing a Home Loan in Australia

Refinancing a Home Loan

Refinancing allows borrowers to obtain a loan better suited to their current circumstances. The rapid increase in homeowners equity due to rising property values in Australia has resulted in a surge of people investigating refinance options. As many as 33% of all loan applications are by people looking to refinance. Click here for a Free Refinancing Quote service for Australian Home Owners.

Refinancing 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, but isn't always an option.

It is extremely important to condider why you want to refinance. Funds that are used to purchase or improve assets are likely to be a good investment. Funds that are used for liabilities like cars, boats, swimming pools or holidays can leave you worse off than you were previously and financing new business ventures has been a disaster for many people.

Be sure to find out what your existing loan(s) is costing you and compare that with whatever refinancing you are offered. Also compare features of the new and old loans and factor in changeover costs.

Refinancing a Home Loan in Australiacontinued here...: "