Is your current mortgage still working for you? As your life changes, your home loan should too. Refinancing—moving your mortgage to a new lender or restructuring with your current one—can unlock significant benefits. At AdviseNow, we specialise in helping Kiwis find a better deal.
Why Consider Refinancing?
The most common reason is to secure a lower interest rate, which can save you thousands over the life of your loan. Other reasons include:
- Consolidating high-interest debt (like credit cards) into your mortgage.
- Accessing equity for home renovations or investments.
- Switching to a lender with better features or service.
The Costs of Switching
Before you jump, consider the costs. You might face “break fees” if you’re currently on a fixed rate, as well as legal fees for the title transfer. However, many lenders offer “cash-back” incentives that can cover these costs.
Key Takeaways
- Refinancing can lower your repayments and save interest.
- Cash-back offers can help offset the cost of switching.
- Always calculate the ‘break fees’ before moving a fixed-rate loan.
Disclaimer: This information is general in nature and does not constitute personalised financial advice.
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