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Why Refinance Your Home Loan Now?

2021 is proving to be a record time for refinancing home loans in Australia. The ongoing Covid-19 lockdowns, resulting in more time at home together, have given people the opportunity to think and talk about their finances, with historically low interest rates being cited as major contributing factors to this trend.

The Seek Financial team have put together a short list of things to consider when thinking about refinancing your home loan, together with a few additional points to take into consideration during 2021.

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Loan Value Ratio – the key ingredient to understanding your borrowing capacity

Loan Value Ratio (LVR), can sometimes be confusing to home buyers, especially new buyers as they enter the property market for the first time. It’s very important to have a clear understanding from the start of what LVR means and what it provides in respect to your borrowing capacity.

The Seek Financial team have put together information that will hopefully give you a clearer understanding about what LVR is, how it’s calculated and why it’s so important in your quest to buy property.

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What is the Family Home Guarantee?

In the 2021-22 Federal Budget, Josh Frydenberg announced a new scheme to enable single parents to get on the property ladder sooner. Under this scheme, from July 1st, 2021, 10,000 Family Home Guarantees will be made available over four financial years to allow single parents to buy a new home with a deposit of as little as 2%. This will help them to avoid the cost of lenders mortgage insurance (LMI) that usually applies to low deposit borrowers.

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Parental Guarantee / Family Pledge

Buying your first home is a huge milestone and whilst it’s a very exciting time in your life, it is potentially one of the biggest investments you’ll ever make. On average it can take first home buyers five years to save enough for a 20% home loan deposit. You will be happy to know that there are ways to get onto the property ladder a bit quicker, such as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme, and a Parental Guarantee (otherwise known as a Family Pledge).

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Is Your Home Loan Still Right For You? What to consider when refinancing

If this crazy year has taught us anything, it’s how life can change and chances are that since you got your home loan, interest rates have moved. Since you took out your mortgage, your life has probably changed a little too. Your income and expenses may have changed, and your financial goals could also be different.

With the Christmas holidays just around the corner, possibly bringing with them a little down time, now could be the perfect opportunity to review your finances and think about your goals.

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