After a couple years of having a mortgage it’s normal for your interest rate to be ‘out of date’ and not nearly as competitive with what the current market might be offering. Banks aren’t nearly as loyal to you as you are to them and if left untouched, your rate will climb well above what it should be. Primary reason why someone would refinance is to dramatically lower their interest costs. On average we save our clients $208/month in interest charges by refinancing with us.

Many banks are offering cash rebates for refinancing your home loan to them. Not only can refinancing be an opportunity to lower your interest rate but it can be a chance to get cash rebates paid to you for doing so. Some banks even offer $2,000 rebates per refinanced property. So if you have 3 properties, you’d get $6000 paid to you just for refinancing. It goes without saying, cash rebates aren’t everything and the bank must meet your needs and offer a market leading rate to ensure it’s worthwhile.

Anyone looking to do renovations, start a business, consolidate personal debt or credits, or buy another property, will usually need to refinance and access the equity from a property. Let’s say you need $50k for renovations, but you don’t want to use the $50k you have saved. We can simply borrow the additional $50k needed by accessing it from the equity in your property. Most banks are okay with doing this for many different reasons including renovations, personal use, investment use, business use, going on holiday, buying another property, etc.