Refinance? You probably should - and you absolutely CAN!

Trust me...admin is as boring to me as it is to you!

You know when you realise you've been paying for that gym membership for 3 years (it was "cheaper" that way) - but you haven't bench-pressed or even seen a treadmill for over 2 years? You're basically donating to Fitness First - and we've all done it.

The same thing happens with loans. ALL the time. Oh, you know you can get a better rate. Save money. Take the kids on a holiday with what you could save. Heck, even take yourself for a little shoppy-shop and buy a new Celine handbag every year with what you save and then some - I won't tell anyone!

So, in a cost-of-living crisis where even the better-off among us are feeling the pinch, why don't we review our finance facilities more often?

1. Because ADMIN IS BORING. And so is finance admin. For most people, finance is boring. But not for me. There are few things more relishing to me than pulling apart a juicy set of company financials or tax returns. I enjoy pulling apart the engine, working out how it drives, then putting it all back together. And guess what? It drives way better than before. More smoothly and economically - a more pleasurable journey for all involved.

2. Because we have huge trust in our banks and we've been with the same one since we were a kid.

You're loyal. And it's deeply noble. But let me break it to you. Your bank doesn't quite feel the same way about you. Sure, your banker may like you (I've been that earnest banker). But at the end of the day, the shareholders rule the roost, and they want their profits - just like you would. So, no discount for you, even if you've been there for 30 years. Quite the opposite in fact - ever heard of the loyalty tax?

What's the hidden cost of doing nothing?

Well, maybe not much, if you can be sure you'll always have loads of money to overpay. But how many times over the years have you thought to yourself "If only I hadn't spent that much doing X"?

Let's say your $1m home loan is still languishing at 6.3%. You could refinance it to below 5.7%. It doesn't sound much, but over a year, it could buy you a holiday. A lot of groceries. Or even a ticket to the next Taytay concert.

We don't know what the future holds. And I hope for sunshine for us all, and that you can use the money you save by refinancing on weeks in Bali. But by checking in every couple of years on your loans, you can be sure you're contributing to the rosiest financial future for you and your family possible.

What happens when you actually refinance?

I do all the hard work for you. We'll have a chat; you'll give me some pretty basic information and do a quick questionnaire with me in person or online. I then source the best product options for you and revert with a selection according to your preferences and the info you've provided me. It's not a dark art, but I bring everything into the daylight for you. And that's not the end of it, because I keep my clients close, checking in every few months, and reviewing rates twice a year. It's part of the service.

The Upside?

A better rate. More cash in your pocket. Less stress. Maybe even a cashback.

Refinancing isn't sexy. But it's sexier than giving your massive bank an extra $400 a month for nothing.

If you've read this far, you're at least refinancing-curious. So that's a start. Send me a message or give me a call. I'll de-code the jargon for you. And you might even enjoy it! (I said might).

PS: this blog was solely written by me, because I've remembered I can write, too!