A recent survey of 1,000 borrowers found 60% of consumers believe refinancing is a “hassle” they’d like to avoid.
Further to that, 61% said they are “cautious about refinancing” in case they end up worse off.
This is despite 80% of respondents saying their home loan was their largest monthly expense.

Let’s bust that myth.
Despite the basic unavoidable cost of refinancing (usually $1,000) many borrowers save hundreds or even thousands of dollars a year by refinancing.
If you have a $500,000 home loan a reduction in rate of more than 0.20% will yield immediate savings after allowing for refinancing costs.

One of the more powerful benefits of refinancing is debt consolidation. Debt consolidation is where you roll other consumer debt (credit cards or personal loans) into your home loan – considerably reducing your monthly outgoings.

An example would be rolling a $15,000 personal loan (taken out over 5 years at a rate of 12.99%) into your mortgage. The monthly cash savings would be >$300.

As interest rates climb, with more hikes to come, now is the time to review your home loan and compare it to other products on the market, to make sure it’s still the best fit for you.