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How does refinancing work?

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Refinancing your home loan, or at least reassessing your options on a yearly basis, is one of the essential recommendations we make to all our clients at Ocean Edge Finance.

Why Refinancing is Important

With interest rates as low as they’ve ever been, and competition between lenders fierce, there’s never been a better time for you to review your home loan and see if you could save through refinancing.

We’re finding it more common for lenders to raise interest rates regardless of the Reserve Bank’s monthly decisions. This along with the slowdown in the Perth property market it’s essential to make sure your home loan isn’t significantly more expensive than what other lenders are offering.

Depending on your home loan size a slight decrease in your interest rate could yield significant savings and even if you have only had your loan a few years you could possibly save thousands of dollars.

The Potential Benefits of Refinancing

Refinancing your home loan to an interest rate that’s just 1.00% lower could potentially save you thousands in interest costs depending on your loan balance.

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Based on a loan balance of $500,000 over a 30 year term with principal and interest repayments, reducing your interest rate from 4.90% to 3.90% could potentially save you $295 per month in repayments and almost $25,000 in interest costs over 5 years.

At Ocean Edge Finance, we treat every person as a long-term client and not a transaction. Every piece of home loan advice we give is aimed at benefitting you. That’s why we will only suggest refinancing your current loan if we can find a meaningful benefit for you after considering all the costs of refinancing.

The fees and charges differ from lender to lender, so we take every client through our full refinancing cost analysis in a clear and concise manner and provide you with a detailed summary, so you can make an informed choice.

Always remember banks don’t reward loyalty – generally the best deals we see are for banks chasing new business. If you have been with the same lender for years you must talk to us – we could save you thousands!

And at Ocean Edge Finance we love beating the banks.

What to expect from your Ocean Edge Finance team

We will fully analyse the savings and cost of refinancing for you to show you the full picture compared to your current loan over 1 to 5 years, and the life of the loan.

We will provide analysis showing how to pay down your loan sooner – everyone wants to be mortgage free!

We will take you through every step of the home loan process, from application to settlement, and make the process as seamless as possible.

Give us a call or email Ocean Edge Finance today, and we can help you determine how much you might be able to save on your current loan.

If you want to keep up to date you can sign up to our monthly newsletter to get all of our updates at the end of the month.

To find out more about how Ocean Edge Finance can help, feel free to call us on (08) 9319 2850, or drop into our office at Unit 2 / 8 Silas Street, East Fremantle. For further information see

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