After two rate rises this year – and the possibility of more – many borrowers are no longer sitting still.
They’re asking a simple question: could I be doing better?
This comes as some banks raise their fixed rates, in anticipation of future Reserve Bank rate hikes.
Where refinancing can help right now
Switching loans can help you secure a more competitive rate and reduce your monthly repayments.
It can also give you the chance to restructure your loan to suit current conditions.
In a rising-rate environment, even small differences can add up quickly.
But there are trade-offs
Refinancing isn’t always the right move.
Things to watch include:
- switching costs and fees.
- resetting your loan term.
- losing useful features like offset or flexibility.
The key decision
It’s not just about chasing a lower rate – it’s about whether your current loan still fits your situation.
I can help you compare what you have now with what’s available and work through whether refinancing makes sense at this point in the cycle.
