Refinancing for a Better Deal: What Home Loan Product Do I Pick from My Trusted Mortgage Provider
A lot has changed in the housing market in Australia over the last 20 years. Several decades ago, Australians obtained mortgages of $150,000, enough to buy a home. The amount made the lending process easier for lenders and homebuyers. In 2022, homebuyers must borrow larger amounts and navigate a menu of mortgage options. Sometimes home buyers sign up for home loans that do not have the most favourable initial loan terms.
Lacking three months of payslips, bank statements, and a 20% deposit disqualifies the homebuyer for the conventional mortgage in most cases. Instead, they can apply for the family pledge, low doc, or no deposit mortgages. The alternatives make adjustments to help homebuyers become homeowners. However, the trade-off is higher interest rates.
The good news is that refinancing for a better deal becomes an option almost immediately. It’s best to apply for refinancing after a significant change in income, credit standing, or when interest rates drop. Nonetheless, homeowners can apply when they feel the process will go in their favor.
Mortgage House refinance mortgage options include:
- Advantage Standard Home Loan 60
- Advantage 1-Year Fixed Special
- Advantage Standard Home Loan 80
Homeowners who obtain a conventional mortgage and favourable loan terms can refinance too. A financial position can always improve more. To explore your options in all financial circumstances, Mortgage House loan specialists remain ready to help homeowners to refinance their home loan.
Refinancing for a Better Deal Conclusion
Sometimes home buyers benefit from getting their foot into the homeownership door. When homebuyers cannot obtain the most favourable initial loan terms, they can consider refinancing for a better deal down the road. Contact our loan specialists at Mortgage House to obtain more information.