Refinancing can be an intimidating prospect but the time may be right to weigh it up as an option, writes Adelaide finance broker Dom Cassisi.

If you haven’t heard yet, there are two hot topics trending on the housing market: the return of housing investors and the upsurge in refinancing.

Australia’s financial environment is turning around – and turning a favourable eye towards housing investors. Statistics show that they’re back and the market is booming. There’s no time like the present to get in on this action to score yourself a piece of the pie.

To help you get a leg up in this ultra-competitive market, you may want to consider refinancing. The good news is that this isn’t an unusual thing to do. Lenders everywhere are helping many of their clients to refinance. It won’t be difficult to find a method that suits your needs.

For starters, you probably won’t need to worry about any exit fees when you restructure your mortgage or loan. Exit fees were banned in 2011.

What if you entered your agreement before that year?

The exit fees imposed way back then would still apply. Happily, most lender entities are offering to pay those off for their clients in favour of helping them refinance within their own institution.

On top of this, banks and lenders are offering all sorts of perks and rewards for refinancing. These include cash rewards, waived fees, and offers to pay any fees incurred by switching to their institution.

Just because many people are refinancing right now doesn’t necessarily guarantee that it’s a smart move for you. All those great perks offered by banks and lenders make any deal sound appealing. But you need to be alert to a few potentially painful surprises such as:

– Applications fees

– Registration fees

– Account fees

– Lender’s Mortgage Insurance

Loan features that sound good in theory but have no practical benefit for your circumstances

Guard against a hasty decision by seeking the advice of your accountant and finance broker.

Look before you leap and contact our team at Funding Options. We’ll help you weigh up your options carefully after taking an honest look at your current financial situation.

– Dom Cassisi, Managing Director