Why you shouldn’t refix your mortgage online

Considering refixing your mortgage online? The banks have never made it easier for you to refix your mortgage at the tap of a button. 

Banking apps have made it very convenient for you to refix your mortgage instantly with their bank. Simply tap a button to lock in the new rate and you are good to go. While this is great, it’s important to remember that refixing your mortgage in this way is permanent, and that you might not actually be getting the best deal.

Refixing your mortgage is a good opportunity to shop around and make sure your mortgage still suits your needs and that you are getting the best deal available. While that process might sound daunting, that’s where we come in. Since we deal with all of the banks on a daily basis, we know what deals and options are available and which might best suit you - and sometimes that is at a different bank. 

Refixing time is also a good time to revisit your loan structure. With big finance changes happening for many recently with increased inflation, interest rates and living costs, taking a look at how your mortgage is structured could lessen some of the current mortgage stress. We have a number of options available including fixing your whole mortgage, going on to a floating rate, or splitting your mortgage across both. 

When refixing time rolls around, it’s important not to make any quick decisions. Instead speak with your mortgage advisor about what might be best for you. It’s best to start this process a couple of months before the fixed rate expiry date so we can look at all the possible options and choose the best one for you in time. We recommend screenshotting the interest rates that the bank is offering you to refix at online, and we can compare them with other lenders and rates that we have available. We can then also have a chat with you around where the market is at currently and where we see it heading. This provides more context for the future and can be integral in your decision making.

Relax and let us take the stress out of refixing your mortgage. Get in touch with our Queenstown mortgage advisors today and we can walk you through the process. Since we work for you, we can negotiate on your behalf with the banks to ensure you are saving as much as possible on interest and repayments. Get in touch with our Loan Market Queenstown team on 03 441 1037 today.