Refinance your home loan..your money is better spent elsewhere
Why refinance?
With the current low interest climate, property owners are often able to access better deals and interest rates. This could mean significant savings each month and better flexibility for the future.
Home Loan Healthcheck
The loan you took out many years ago may no longer be suitable for you. It’s important to shop around to ensure you have the lowest interest rate possible while also providing an opportunity to assess the terms of your loan and / or access any equity that you may have built through the growth of your property. Our mortgage specialists are able to conduct a home loan healthcheck to assess what opportunities may exist; taking into account rates, terms, purpose and fees.
Cash Back Incentives
Due to increasing competition in the marketplace, some lenders are offering a cash back incentive for refinancing your mortgage with them. While these aren’t the only reason you would refinance your loan, it’s good to know what deals are available in the market and where you can leverage your home loan to provide better incentives.
FAQs
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This depends on your loan size, current interest rate and what is available in the market. As of January 2021 we are currently seeing interest rates as low as 1.88%* per annum, however there are many factors as to whether this would be suitable for you. Book in for a healthcheck and we can quickly assess how much you can save.
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If your current life and personal circumstances are changing then it is important to understand how this may impact your loan. There are so many circumstances which can impact people such as divorce, job redundancy, expanding family or retirement. Have a chat to our mortgage brokers who are able to provide advice as to how you can restructure your loans including what lenders are wanting to see if you are to refinance.
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The refinancing process usually takes anywhere from a few weeks to a month. The process can be summarised into five steps.
We will evaluate your needs and current situation taking into account your income, assets, liabilities and expenses.
We provide a number of options to refinance and make a recommendation with you. The loan application works in the same way as when you get a new loan and sometimes your property will need to be revalued. We will prepare all the paperwork and liaise with the lenders.
Once approved for your new loan, we facilitate communication between financiers and organise commencement of the discharge of your existing loan.
There will be a settlement date and your current lender will provide a final pay out figure. We will monitor and communicate information between lenders.
Once your loan has settled your new lender will provide confirmation as well as new documentation, and you will commence making repayments to your new financier.
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Typically, your new lender will want an independent valuation of your home. This will help to determine how much they are willing to lend you. Depending on the lender, there may be costs associated with the valuation, however our team will assess these costs into the feasibility of refinancing as part of the options we provide to you.
“I was able to refinance my loan only having had the property for two years, accessing equity for a deposit on an investment property. We also locked in a better rate which has given me some cost assurance for the next three years.
— Ofelia T. Sydney
Let’s meet up for a free appointment to discuss your property goals
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