Thursday, 7 February 2013

Case study: mortgage refinancing

Given all my efforts in December and January to refinance my home loan, I thought it would be interesting to share the results.

If you remember, back in early December, I suggested the following approach to refinancing:
  1. Research possible home loans.  There are hundreds of lenders in Australia, each offering multiple loan products, so there are literally thousands of possibilities.  Your initial goal should be to get down to a shortlist of say five to ten products that could meet your needs.  Things to consider include:
    • Bank or non-bank lender
    • Fixed or variable or split loan
    • Loan amount
    • Loan term
    • Loan features
    • Interest rates