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Millennials and refinancing: Navigating the financial maze with Well Money

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Hey Millennials, let’s get real about refinancing

You’re tech-savvy, proactive, and you’re not afraid to make moves in a fluctuating market. We get it; you’re considering refinancing before those low fixed rates come to an end. Smart move! But let’s dive deeper into why refinancing is becoming a hot topic among your peers and what you should know.

The stress factor: It’s real

Let’s face it, adulting is hard. And one of the hardest parts? Managing your finances. According to the Finder Housing Market Report 2023, 66% of mortgage holders ranked housing costs among their top 3 most stressful expenses. And guess what? Millennials like you are feeling the heat the most. A whopping 64% of you are looking to refinance because the cost of living is just too darn high.

How Well Money can help

At Well Money, we understand the unique challenges you face. That’s why we offer personalised mortgage solutions to ease your financial stress. From finding the most competitive rates to guiding you through the refinancing process, we’re here to help you take control of your financial future.

The numbers don’t lie

When we talk about stress, we’re talking about real numbers. The average loan size for Millennials planning to refinance is $412,581, according to the same Finder report. That’s almost double the average loan size for Baby Boomers, who are sitting at $240,422.

💡 Read more:When it makes sense to refinance and when it doesn’t

The millennial mindset: Proactive but pressured

You’re a generation that values proactivity. You’re already thinking ahead, considering refinancing before your lower fixed rates end. But the pressure is real. The cost of living is rising, and you’re grappling with how to balance life’s expenses while managing a mortgage. It’s a juggling act, and sometimes it feels like the balls are made of lead.

Millennials in Australia are facing an unprecedented challenge when it comes to planning for retirement. Many will never fully retire, as they will be unable to accumulate the necessary funds to support themselves for an extended period of time.

With the cost of living steadily increasing, and many millennials grappling with large debts and limited financial resources, it is likely that more people will have to work well into their golden years.

💡 Read more:Five reasons why you migth want to refinance

The importance of financial literacy

Financial literacy is not just a buzzword; it’s a necessity. The more you understand about the intricacies of refinancing, the better equipped you’ll be to make informed decisions. This is where Well Money shines. We don’t just find you a loan; we educate you on how to manage it effectively.

Your questions, answered

Take control, Millennials!

Life’s too short to be stressed about mortgages. Refinancing can offer you the financial flexibility you need right now and set you up for future success. So, don’t let the complexities deter you. Reach out to Well Money today and take the first step toward financial freedom.

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