Refinance. Only if it was as simple as anyone that wants to grep a media headline tells us to – yes you guest it – refinance.
The biggest hurdle is … wait for it … affordability, i.e. are you able to pass the lenders’ post Royal Commission scrutiny on your living expenses, credit score, credit file, comprehensive credit reporting, serviceability, valuation and finally are you really going to get such a significant reduction in interest rate that will make refinancing worthwhile?
Yes, it does work for some whilst many more are not so fortunate due to changes in their personal and financial circumstances.
Embrace interest rate risk and consider all your options including fixed rate loans. We encourage it.