James Surowiecki’s recent column in The New Yorker magazine discussed the dangers of financial illiteracy in America. It is great that such a prominent and widely read magazine has featured a piece on the issue of financial illiteracy. I do not know about you, but I love The New Yorker: not only is it great [...]
Home loan borrowers are speaking to mortgage brokers and their mortgage lenders to ask about the cost of switching home loans, as more lenders start to increase interest rates.
According to a recent survey, finding a cheaper home loan is the biggest motivation for refinancing. Other reasons for switching home loans included debt consolidation, funding a renovation and buying an investment property.
Mortgage and Finance Association of Australia (MFAA) chief executive Phil Naylor said yesterday that its brokers had been “inundated” with inquiries.
“There is no doubt consumer sentiment is building as borrowers look for ways to offset rising interest rates and hop around for a better home loan deal, ” said Mr Naylor.
The main resons for refinancing a home loan included:
- 24% of respondents said they were after a cheaper home loan
- 11% said it was to consolidate their debt
- 10% said it was to fund a renovation
- 9% needed a refinanced home loan to buy an investment property
- 8% required funds for other reasons
If you would like more information about a home loan refinance, speak to one of the mortgage brokers at Intellichoice today on 1300 55 10 45. They will do all the research for you and find a home loan to suit your needs.
 Big 4 banks increase home loan ratesThe National Australia Bank and Westpac have followed CBA and ANZ and raised their standard variable home loan interest rates above the rate rise imposed by the Reserve Bank of Australia. NAB increased their interest rates by 43 basis points, while Westpac lifted its home loan rate by 35 basis points. The Commonwealth Bank of [...] |
 Have you checked your home loan lately?When was the last time you had a look at your home loan and actually asked yourself ‘what do I really need from my home loan?’ What you need to consider… 1. Find out everything about your current home loan, such as interest rate, fees and home loan features (redraw facilities, offset account, line of [...] |