Kill Your Mortgage & Sort Your Retirement by Hannah McQueen

Author:Hannah McQueen
Language: eng
Format: epub
Publisher: Allen & Unwin
Published: 2015-08-07T00:00:00+00:00

REFINANCING YOUR MORTGAGE

There are times when you can get a better mortgage deal at a different bank. Perhaps it’s because mortgage rates differ between banks, the equity in your property has increased, or your type of property is recognised more favourably at a different bank. Whatever the reason, you can make clear, tangible and persuasive financial gains when refinancing for the right reasons.

It makes sense to refinance your mortgage if your bank is not assisting you—for example, if interest rates are lower at a different bank and the cost of penalties to change banks is less than the future interest saving, or if your bank is not prepared to consolidate debt and as a result you are paying a higher average interest rate. Note, too, that some banks offer special interest-rate discounts to those working in certain industries (such as government employees) or organisations, or conversely might increase interest rates if you have low equity.

I know a lot of people do not like their bank, but most banks are the same. It is worth shopping around from time to time, but don’t expect that you are going to get radically improved service by going to another bank—this is seldom the case.

Tip: Check with your HR department to find out if your employer has a special relationship with a bank which you might be able to capitalise on.

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