Should you be refinancing your mortgage in 2023?
Are you looking to improve your finances by refinancing your mortgage?
Well, you’re not alone. Following a string of rate rises last year, borrowers are refinancing in record numbers, according to PEXA research.
And ABS finance and wealth spokesperson, Katherine Keenan, says recent data shows owner-occupier refinancing with different lenders remained at record levels in 2022, above $12 billion.
For many, mortgage repayments take the biggest chunk of the household budget which has become increasingly stretched by the rising cost of living.
So, if it’s been a while since you’ve revisited your mortgage, then maybe this is the year to do it.
You could be paying a higher interest rate than you need to, commonly known as loyalty tax.
Lenders like to offer all the bells, whistles, and better rates to new customers in a bid to get their business but since they’ve already won you over, you often don’t get invited to the party.
But by refinancing, you could have lenders offering sweet new customer deals to woo you.
With the right offer, it can really pay off – refinancers saved on average $1,524 per year, according to 2022 PEXA data.
Over three years, that adds up to an extra $4,572 in your pocket for renovations, savings, extra repayments, or whatever you like.
And you don’t always need to move to another lender to see savings. You could refinance or negotiate with your existing lender, depending on their policy.
If you’d like to find out more about refinancing your existing mortgage, ditch the hassle, and get in touch with us today.
We know all the ins and outs of refinancing and can shop around to find the most suitable loans for you.
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