Trend to Refinance your Loans in 2011
A national survey has found many investors seem to have made a new year’s resolution to refinance their home loan this year.
A poll conducted by Australia’s largest independently owned mortgage broker, Loan Market, found 54 per cent of brokers believe refinancing will dominate the home finance market this year, surpassing first home loans which dominated the past few years.
Australians traditionally are reluctant to change lenders, but the Reserve Bank of Australia (RBA) lift official interest rates up to 4.75 per cent during 2010, the banks lifting standard variable rates by even greater margins, plus moves to make it easier to switch banks have changed this trend.
“Homeowners on an average $400,000 mortgage can save up to $4,000 years if they can be bothered switching lenders to get a better home loan deal.
Michael Luca of Liquidity Finance says that there can be as much as a percentage point difference between the variable home mortgage rates currently on offer and people are start comparing rates.
Michael says that this is a good time to look at consolidating your debts, taking the opportunity to reduce debt on credit cards, which have interest rates often more than triple that of an average variable home loan.
If you would like a complimentary meeting to review your debt situation, and identify whether you can save money on restructuring or switching your loans, please contact Michael or Danny at Liquidity Finance on 92902777 or email http://www.blogger.com/goog_551273287
For more information see http://www.liquidityfinance.com.au/