Purchasing a first home is an exciting time in any Australian's life.Owning property is a huge step towards independence and being in complete control of your life as an adult. When you secure your first home loan, this locks you into one of the largest financial commitments of your life – and this can be particularly daunting. 

However, after a while, if you're not entirely satisfied  with your mortgage situation it could be worth getting in contact with a financial professional about the home loan refinancing options available to you. This can help to change the features associated with your mortgage, allowing you to make some changes to your overall commitment. 

For example, it's entirely possible for you to change the size of your repayments. If you find yourself struggling to make ends meet, it could be worth looking into reducing your weekly repayment amounts until you get back on your feet. 

On the other hand, if you find yourself in a strong financial situation, increasing your repayment amount could help you get debt-free faster. Not only this, but you'll be able to save money on the interest spent on these repayments – the faster you pay off your mortgage, the faster you stop paying interest, which can go into your savings for a rainy day. 

Changing your interest rate is also a potential option when refinancing. In fact, now could be the perfect time to secure a fixed-rate home loan, as the latest official cash rate decision has been retained at 2.5 per cent. This is translating into low interest rates, which can help you make savings on your repayments in the long term.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.