Nervous homeowners are again hitting the refinancing line for fears interest rates will rise further. According to the latest data from mortgage broker Australian Finance Group (AFG), almost two out of five mortgages (38.2%) arranged in February were for refinancing –hitting an all-time high as property owners seek better deals or lock in interest rates.
 
As a general rule, it’s worth switching if you can get a mortgage that is at least 2% lower. However, every situation is different so you need to carefully weigh up the cost of refinancing. This also includes looking at how much lower your monthly repayments will be under the new mortgage and how long do you plan to hold on to this new mortgage.
 
Check out the latest issue of Your Mortgage Magazine for your comprehensive guide to smart refinancing.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker