With skyrocketing costs of living and eye-watering interest rates in Australia in 2023, it comes as no surprise that Cairns homeowners are engaging the services of Cairns home loan specialists to find them a better long-term deal for their mortgage.
While many banks are lowering their variable interest rates and are providing more products, it may well pay to shop around and consider moving banks if your current provider can’t match today’s market leaders.
A recent report from Property Exchange Australia (PEXA) indicates new records in increased loan refinancing, most likely due to the end of lower fixed rate terms taken out by Australian homeowners a few years prior. Interestingly, high levels of property purchasing and selling in the first half of the 2022 financial year are attributed predominantly to Queensland’s property boom. Not just restricted to SE Queensland, Cairns has also observed an increase in building activity.
Research your Cairns mortgage refinancing options
Given the increasing number of mortgage products now available on the market, there has been an increase in customers switching lenders of 26% in the 2022 fiscal year. With the increase in marketing efforts by the big banks to cast a net over larger volumes of re-mortgaging customers, it is recommended that customers do their due diligence and engage the services of an experienced Cairns mortgage broker.
Why? Well, because a mortgage broker will have an in-depth knowledge of most refinancing options offered by all major lenders, thus providing an unbiased recommendation of products that may be suitable for your specific needs. Remember, a mortgage broker is engaged by you to provide the best home loan financing or refinancing options. They will research a broad range of finance options from many banks.
Review your lending finance providers
While many larger banks are beginning to offer easier digital mortgage platforms to entice the customer to use their products, make sure you do the sums, speak with your local Cairns home loan specialist, and discover the most appropriate options for you.
For expert advice on refinancing your Cairns mortgage, speak with Cyndy at JGM Lending and Finance today.