How to refinance your home like a pro
Thinking about refinancing your home and need the full scoop? Read our helpful guide on what you should do and what to avoid when refinancing your home.
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When it comes to deciphering whether a fixed interest home loan or a variable rate mortgage is better for you, it comes down to preference, your current financial situation and what you want to get out of the home loan. Understanding the differences between variable and fixed interest rates can help you meet your financial goals. Some benefits of a variable interest home loan include:
- Benefits borrowers in declining interest rate markets because loan payments decrease.
- Offers more flexibility than a fixed home loan.
- It has more features, such as letting you make additional repayments to pay off the loan faster. Allows you redraw additional funds if you need them in the future.
- Many feature an offset account which helps reduce the amount of interest you pay.
