23 Mar 2017

When Is the Best Time to Refinance?

When it comes to refinancing, timing is crucial. With options such as fixed rate pricing available, getting in while conditions are optimal can make a huge difference throughout the life of a loan.

There are many other factors that can influence what the best time for you to refinance will be. Assessing your financial and personal situation is critical, and you should be checking on your home loan at least once a year to ensure that it’s still the right deal for you.

Even a small decrease on interest can save you thousands over the long run. If you’re not sure about refinancing, you might try negotiating with your current lender. Many lenders will lower their rates to retain your business.

But if you DO want to refinance, here are a few things to take into account when considering the timing:

Interest rates

Is your current interest rate competitive with the industry as it stands today? Check out your options and see if you’re missing out on huge savings by paying too much interest. If it turns out you are, the perfect time to refinance could be right now.

Interest rates change regularly, but if you’re certain a rate rise is coming, it could also be the right time to refinance.


If you’ve been employed at the same place for over a year, lenders will be more interested in taking you on. Lenders see people with steady employment as low-risk, making you a valuable prospect for them. If you’ve currently been working at the same place for a while, it might be good to handle your refinancing before anything changes.


You should consider consolidating your debts if meeting your payments is challenging. This can be an effective way to minimise repayments. If you’re yet to consolidate or you’re having debt issues, you may want to hold off on refinancing.

Personal changes

If you’re going through a period of uncertainty, whether it be related to employment, lifestyle or other, now might not be the best time to refinance.

Some examples would be a pregnancy, upcoming marriage or potential career move. Not only will refinancing during this period add stress to your life, but you may find it hard to choose the best package available when your circumstances are liable to change.

Mortgage House

At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.

But don’t worry, we can help with that.

If you’re thinking about refinancing, you can contact us for advice about the best options for you. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.

Click here to speak with us about refinancing your mortgage!

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