Question from Gladesville, NSW
Can I refinance my home loan to a longer term?
2 answers
Yes, you can refinance your home loan to a longer term. Refinancing your home loan is a great way to reduce your monthly payments and make your loan more manageable. By extending the loan term, you can reduce the amount of your monthly payments, which can help you free up some extra cash for other expenses. When you refinance your home loan, you will typically have to pay closing costs, such as an application fee and title search fee. You may also have to pay a penalty to your current lender for early repayment of the loan. Be sure to factor in these costs when deciding if refinancing is right for you. It's also important to consider the interest rate you will be paying on your new loan. If you're able to secure a lower interest rate, you will save money over the life of the loan. Check out Goodrate on https://goodrate.com.au/home-loan to see current interest rate offers.