Why Now is a Great Time to Revisit Your Home Loan
If you haven’t checked your home loan since interest rates started rising, now’s the time to ask yourself—why not? New research shows many borrowers have successfully negotiated better rates or switched lenders. With rates likely to stay high, taking another look at refinancing could help you save thousands.
Are Borrowers Missing Out on Savings?
A recent Canstar report found that:
- 1 in 5 borrowers negotiated a better rate with their lender last year.
- 1 in 10 borrowers successfully switched lenders.
- Yet, fewer home loans were refinanced in 2024 compared to 2023.
With home loan rates still high, now is the perfect time to explore your options—especially if you want to start 2025 on the right financial foot.
What’s Holding Borrowers Back?
Some homeowners feel stuck in ‘mortgage prison’—meaning they don’t qualify for a better rate due to low home equity or strict lending requirements.
Here’s the reality:
- 5% of borrowers who tried to refinance in 2024 didn’t have enough home equity.
- Another 5% didn’t meet the bank’s criteria.
But before assuming you’re trapped, it’s worth testing the waters again. Conditions have changed, and you may now qualify.
Why You Should Revisit Refinancing
Even if you’ve tried refinancing before, here’s why you should check again:
- Home values have risen. National home prices increased by 5.5% in 2024, meaning you might have more equity than you think.
- Lenders are adjusting serviceability tests. Some are now using a lower buffer rate, which could make refinancing easier.
- Rates vary between lenders. Even a small rate reduction could mean big savings.
The best way to find out? Speak with a mortgage expert who knows the latest lender policies.
How Much Could You Save?
Refinancing can lead to big savings, depending on your loan size and interest rate.
A RateCity analysis found that homeowners who didn’t refinance in the past year paid an extra $6,000 in interest on average.
That’s money that could have stayed in your pocket.
Is Refinancing Too Much Work?
Many borrowers don’t refinance because they think it’s complicated. But that’s where a mortgage broker comes in.
As a Mortgage Broker in Clayfield, Nundah, and Hendra, I handle the legwork for you:
✔️ Find the best loan options for your situation. ✔️ Manage the paperwork to keep things simple. ✔️ Negotiate with lenders on your behalf.
It’s easier than you think—and I’m here to make it stress-free.
Take Action Today
If you’re unsure whether your home loan is still right for you, let’s check. A quick conversation could save you thousands.
📞 Contact Kain at Aussie Home Loans Clayfield today!