As expert Australian mortgage brokers at First Choice, we often have clients asking, is now the right time to refinance? Generally, this is a tricky question for our mortgage brokers as every client circumstance is unique, and a whole host of factors need to be considered to determine the best refinancing time. Although according to the research, Australians may be missing out on great potentials if they don’t refinance in the last few months of 2021. As statistics from Lendi Group showed, refinancers might save approximately $2,000 by reducing their interest rate by less than 1%. However, despite these favourable lending circumstances, low-interest rates, and the fact that 53% of finance brokers feel now is an excellent time to refinance, only 445,000 of the 6 million current mortgages have refinanced in the last year, according to a recent poll by Aussie. In addition, approximately 60% of Australian borrowers have not evaluated their mortgage in 2021 and are not sure that they are currently getting a decent deal on their house loans. Most respondents claimed to understand the significance of refinancing a house loan regularly, yet 22% don’t know where to start, 18% don’t feel they can obtain a better deal, and […] read more