Refinancing, Nowra and the Shoalhaven
Refinance your home loan in the Shoalhaven
Been with your bank for years? Loyalty doesn't always get you the best rate.
Banks often save their sharpest rates for new customers. If you've been on the same loan for a few years, it's worth checking what you pay against what's out there now. Sometimes the answer is to switch. Sometimes it's one phone call to your own bank. Sometimes it's to stay put, and I'll tell you that too.
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The rate isn't the whole story
A cheaper rate can still cost you if the fees, break costs or a longer loan term eat the saving. Stretching the loan back out to 30 years makes the repayment look smaller and the total bigger. I add it all up before anyone signs anything.
Cheaper per month and cheaper overall aren't the same thing.
What half a percent looks like
$152 a month
A $500,000 loan over 25 years, principal and interest: 6.19% is about $3,280 a month, 5.69% is about $3,127. That's roughly $1,800 a year.
Illustrative only. Your saving depends on your loan, the costs to switch and the lender.
What I check first
- What you pay now. Your rate against what similar borrowers are getting today.
- What it costs to move. Discharge fees, break costs if you're fixed, and any new lender fees.
- Whether to ask your own bank first. Sometimes a call gets most of the saving with none of the paperwork. I'll tell you what to ask for.
- Everything else you owe. A car loan, cards or a renovation can change what the best move is.
If you've got a car loan too
Can I put my car loan into my mortgage?
It can drop the repayment a lot. It can also mean paying for the car for 30 years. Here's how I set it up so that doesn't happen.
The dumb questions
People thinking about refinancing ask me these
- I've been with my bank for years. Is it worth leaving?
- Can I put my car loan into my mortgage?
- Why do two banks give such different answers?
- How much of my equity can I actually use?
Got one that isn't here? Text it to me on 0415 138 842.
Free guide. No email needed.
Should I Refinance?
7 checks to work out if switching is worth it, when to stay put, and how to ask your own bank first.
We recently refinanced our home and consolidated our debts with Joe at Mascaro Finance, and he made the whole process so easy. What stood out most was that Joe wasn't just after the sale. He gave us honest advice ... He explained everything clearly and took the stress out of the whole thing.
Sarah E, Google review
My partner and I have refinanced through Joe a number of times over the years and we have always found Joe to be the upmost professional mortgage broker you could hope for.
David M, Google review
Got your last loan statement handy?
Tell me your rate and roughly what you owe. I'll tell you if it's worth a look, or worth leaving alone.
Or call or text 0415 138 842. After your shift is fine.
General information only. Figures are illustrative and don't consider your personal situation. Eligibility rules and lender criteria apply.