Mortgage Calculator
Important notice: All computations are for illustrative purposes and do not constitute advice or a guarantee of a loan approval.
7 Key Factors to Consider About Switching Mortgages
While the information you find above can be very interesting, we like to remind you that it is only a guide and doesn’t take into consideration all that’s involved in switching your mortgage. Plus, with our desire to empower you through property education, we want you to consider the following key factors:
- Interest Rates: Comparing the interest rates of your current mortgage and the new one you have in mind is helpful. However, by chatting to a mortgage broker with access to over 40 lenders, a lower rate can save you a lot of money over time.
- Fees and Costs: It’s important to evaluate any fees associated with switching. This could be exit fees, application fees, and legal costs. If you are keen on switching, be sure that the overall savings outweigh these expenses.
- Loan Term: Consider the remaining term of your existing mortgage. If you switch to a longer or shorter term, it affects your repayment schedule.
- Loan Features: Assess features like offset accounts, redraw facilities, and flexibility. Some loans offer better features than others.
- Lender Reputation: Research the reputation and customer service of the new lender. A reliable lender is crucial for a smooth transition.
- Loan Amount: Calculate the total loan amount after switching. It includes any additional funds you may need.
- Financial Goals: Be sure to align your mortgage switch with your financial goals. Are you aiming for lower payments, faster payoff, or investment opportunities?
Remember, consulting with an MFAA mortgage broker ensures personalised advice that is tailored to your situation.
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Disclaimer
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
