Refinancing your loan can be a smart financial move—but how do you know when the timing is right? Whether you're looking to lower your interest rate, access equity, or take advantage of better loan terms, refinancing could save you thousands and help you reach your financial goals sooner.
Here are three key signs that it might be time to refinance your loan.
1. Your Interest Rate Is Higher Than What’s Currently Available
Interest rates fluctuate over time, and if you're paying more than what’s currently on offer, refinancing could be an easy way to reduce your repayments. Lowering your interest rate can mean saving thousands over the life of your loan, putting more money back in your pocket.
If you’re unsure whether your current rate is competitive, it’s worth checking with a broker to explore better options.
2. You Want to Access Equity
Have big financial goals? Whether you're planning renovations, investing, or making a large purchase, refinancing can allow you to tap into the equity you’ve built in your home.
Equity is the difference between your home's current market value and what you still owe on your mortgage. By refinancing, you can potentially access this equity to fund your next move—without needing to sell.
3. Your Financial Situation Has Changed
If your income has increased, your credit score has improved, or you’ve paid down debt, you may now qualify for better loan terms than when you first took out your mortgage. Refinancing could allow you to secure a lower interest rate, reduce your repayments, or even shorten your loan term to pay off your home faster.
Is Refinancing Right for You?
Refinancing isn’t a one-size-fits-all solution, but if any of these signs resonate with you, it could be worth exploring your options.
At Noma Finance, we help clients compare a wide range of lenders to find the best loan for their needs. If you’re curious about refinancing and want to see how much you could save, reach out today for a free review of your current loan.
Ready to take control of your finances?
Let’s chat about whether refinancing is the right move for you!
%20(1).png)
Saving for a house deposit? Make your money work for you! Instead of letting your savings sit idle, you can take advantage of high-interest savings accounts to earn interest while you build your deposit.
.svg){kind=icon}
At Noma Finance, we believe that financial wellbeing is essential to achieving a balanced and fulfilling life. That’s why we’ve put together this guide to help you create a vision board that captures your aspirations and focuses on your financial goals for the new year.
Getting a substantial tax return can feel like winning the lottery. While it’s tempting to splurge on a vacation or a shopping spree, consider a more strategic move: putting that extra cash towards your mortgage.
Australian Credit Licence 389328 and ACN 662726141. Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
