Refinancing your home loan has a variety of emotional benefits and can lead to greater happiness.
According to new survey results from RAMS Home Loans, Australians who have refinanced their home loan with an Australian Financial Institution in the last 5 years have seen a variety of benefits including having fewer arguments with their partner, being happier and even sleeping better at night.
“Thinking about refinancing your home loan can be a daunting experience, however, there can be many benefits of exploring your options including the potential to make significant savings over the life of the loan,” said Melos Sulicich, RAMS Chief Executive Officer.
“Often people think they are stuck in a home loan for life, it’s too much hassle, or too complicated, however our survey shows 3 out of 4 respondents who had refinanced their home loan were surprised to find the refinancing process easier than they expected.” Mr Sulicich said.
Findings from this survey of 1000 people, taken at the end of December 2010, include:
- People who were more likely to refinance their mortgage are aged between 35-44 with higher incomes of $100k or above (47%), working fulltime, and are married with children.
- Married Australians (19%) are more likely to refinance than single people (7%). This may be because one quarter of married respondents have children at home which can be a catalyst to switch home loans to suit changing personal circumstances.
- Three out of 4 respondents who had refinanced their home loan found the process easier than they expected.
- The majority of respondents (69%) who have refinanced in the past 5 years are more likely to pay off their mortgage quicker or take a holiday (36%) with any extra cash they save annually on mortgage repayments. Singles said they were more likely to treat themselves to something on their wish list, update their wardrobe or save for a new car.
Do you want to refinance your home loan now? I do. 🙂