You may have heard that property values are on the decline. But what does this mean if you’re planning to refinance? We’ll discuss how falling housing prices may affect your refinancing application and what you can do about it.
With the rising cost of living and climbing interest rates, you may be looking to refinance your mortgage.
Depending on your circumstances, it can be a great way to get a better interest rate on your loan.
Not to mention that if you need access to funds for an investment property or renovation, refinancing can allow you to cash out equity in your home to use for other purposes.
But, according to CoreLogic, 79.5% of house and unit market values are on the decline across Australia. And this can affect refinancing outcomes.