Is It Time to Refinance? Here’s How to Tell
Just like you schedule a regular health check-up or review your subscriptions and insurances, your mortgage deserves an annual check-in too. Many homeowners set and forget their loans, but refinancing at the right time can save you money, optimise your borrowing power, and even help you grow your property portfolio.
So, how do you know if it’s the right time to refinance? Here are some key signs that it might be time to review your mortgage:
1. You’re Considering Buying Another Property
If you're looking to purchase another property—whether it’s an investment or a new home—it’s crucial to ensure your current mortgage is structured to support your plans. Refinancing can help maximise your borrowing power, restructure your debt for better cash flow, or access equity to fund your deposit.
2. Your Property Has Increased in Value
With rising property prices, you may have built up more equity in your home than you realise. This equity can be used to:
☑️ Fund renovations
☑️ Purchase an investment property
☑️ Consolidate high-interest debt
☑️ Secure a better loan structure
By refinancing, you can access this equity and put it to work instead of letting it sit idle.
3. Your Personal or Financial Circumstances Have Changed
Life is constantly changing—whether it’s a new job, growing family, or changing financial goals, your mortgage should align with your current situation. If your income, expenses, or financial priorities have shifted, refinancing can help adjust your repayments, loan term, or structure to better suit your needs.
4. You Haven’t Reviewed Your Mortgage in Over a Year
Interest rates, loan products, and lender policies change all the time. If you haven’t reviewed your mortgage in over 12 months, you could be missing out on a better deal. A mortgage health check can help determine if you're still on the most competitive rate or if refinancing could save you money.
5. You’re Doing an Annual Financial Health Check
Many people take the time to review their streaming subscriptions, insurance policies, and household expenses—so why not include your mortgage? Checking in on your home loan should be a regular part of your financial review to ensure you’re not overpaying or missing out on opportunities.
Time for a Mortgage Review? Let’s Chat!
Refinancing isn’t just about chasing a lower rate—it’s about ensuring your mortgage is working for you. If any of the above points resonate with you, now is the perfect time to review your loan and explore your options.
Get in touch today for a free mortgage review and let’s see how we can optimise your finances!
