The mortgage industry is bracing for a wave of intense competition as lenders heavily discount loan rates, reigniting the battle for market dominance.
This resurgence in competitive pricing marks a significant shift from the recent period of relative calm.
Amidst concerns over housing availability and rising property prices fueled by inadequate construction and escalating costs, this competitive fervor is set to offer homeowners and potential buyers exceptional opportunities for refinancing.
Here’s why now is the perfect moment to consider refinancing your mortgage with us.
1. Unlock Equity to Invest and Manage Risk
Leverage your equity to invest in property before the market takes off again.
The early signs are that prices are in the beginning stages of an upswing, especially in Melbourne and Sydney.
Inflation is almost back into the target range and the money markets are pricing in two rate reductions at the backend of this year.
The property rebound will only gain pace as interest rates fall while rental returns increase with the historically low vacancy rates, record migration and no end in sight for the lack of supply available.
Get in ahead of the bandwagon as the market hits new heights in late 2024 and into 2025!
2. Capitalise on Exclusive Refinance Rebates
Act now to benefit from lucrative refinance rebate offers, with lenders providing upwards of $2,000 for your switch.
These deals are fleeting, and with several lenders already putting an end to these incentives.
The window to maximise your savings is narrowing.
3. Lenders are Making It Easier to Borrow More to Refinance
Many lenders have loosened their borrowing requirements and assessment criteria to make it easier to refinance.
We understand the challenges faced by many homeowners in the current lending climate.
Loan products with exclusive serviceability criteria to increase borrowing capacity are now available with a handful of lenders to make it easier for everyone to refinance, and especially anyone who is a “mortgage prisoner” and feels like they can’t.
4. Improve Your Monthly Cash Flow
Switching to a loan with lower monthly repayments can significantly enhance your cash flow, freeing up funds to purchase an investment property or shares, consolidate debts, help finance private schooling or complete those home renovations that you have been planning.
5. Optimise Your Money, Risk and Tax Management
Ensure you are utilising offset accounts effectively to reduce interest, optimise your tax deductions and have a robust money management system to keep more dollars in your pocket to invest and set yourself up for retirement.
6. Simplified Refinancing Process – Less Documents than Ever
Thanks to recent changes in credit reporting, refinancing has never been simpler, requiring fewer documents than ever before.
7. Refinance When Your Fixed Rate Expires
For those nearing the end of a fixed-rate period, now is the critical time to review your options and get your refinance organised so you are ready to settle before you move onto a higher interest rate or repayment.
8. Consolidate Your Debts for Lower Repayments
Refinancing can also facilitate the consolidation of your debts into a single, lower repayment, streamlining your finances and reducing stress.
9. Mitigate Interest Rate Risks with Fixed-Rate Options
If the prospect of rising interest rates concerns you, consider fixing a portion of your debt now.
This proactive step can protect you against future cash flow strains and interest rate volatility.
10. Receive Tailored Mortgage Strategy Advice
Our team is ready to review your current mortgage strategy, ensuring it’s fully optimised for tax efficiency, creating wealth, managing risk, having an effective Money Management System and meeting your long-term property and retirement goals.
11. Plan Your Next Property Purchase
Let’s develop a strategic mortgage and property plan for your next property acquisition, setting you up for success.
12. Reevaluate Your Loan and Repayment Strategies
We can help you assess whether a variable or fixed loan type is right for you, and whether switching your repayment strategy could offer further benefits.
Refinancing now could be the key to unlocking a more secure and prosperous financial future.
Our team is here to guide you through every step of the process, ensuring that your financial decisions align perfectly with your goals.
