Why refinance?
There are many reasons why people choose to refinance. Lenders rarely reward customers for being loyal, so it’s a good idea to regularly check to see if there is a better-suited loan for you. Some benefits can include:
Get in touchRefinancing.
Things in life change - and that includes interest rates, your circumstances and goals. When they do, it could be time for your home loan to change too. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone - with a broker doing the legwork with your best interests at the heart of all recommendations, refinancing can be easier than ever.
The finance industry is constantly changing and evolving. Most lenders offer “new to bank” clients better rates and attractive cash rebates than they offer their existing customers. They are all competing against each other for new clients and I can show you an overview of what is available in the market that meets your individual situation, goals and objectives.
The home loan you took out 3, 4, 5 or years ago may no longer be the best option for your current circumstances. I may also be able to negotiate with your current lender based on my knowledge of what’s available to get a reduction in your current loan without switching lenders.
We are obligated by law to act in your best interests, as part of my process, I will document in detail, my understanding of your position, goals and objectives, your current loan and my recommendations together with any trade offs and the reasons behind my advice. We go through this before you make any decision to change so you have all of the information at hand to make an informed decision.
Why?
Take advantage of lower interest rates
You may be paying too much interest on your home or investment loan. This may be because the interest rates may have gone down reduced, your income has increased, your credit rating has improved or you have a lower Loan-to-Value-Ratio (LVR) as some lenders offer better rates for customers with more equity in their property. Refinancing can help you lower your monthly repayments, save interest and/or reduce the term of your loan. There are also cash rebates from a number of lenders, these normally more than cover the costs to switch. In our analysis, recommendations and advice, we show you your current position and the benefits of changing if applicable.
Consolidate debts
Home Loan interest rates are generally lower than the interest rates charged on your credit cards or personal loans. By consolidating all your debts with your home mortgage, you could save thousands of dollars in interest, fees and charges, while reducing the amount you pay each month in repayments.
Change the type of mortgage
You may want to change from a variable mortgage to a fixed rate mortgage, which provides the security of knowing what the repayments will be for a period of time. There is often differences in the fixed and variable rates which may represent savings. There are pro’s and cons to fixed rates though and these trade-offs are part of the process we go through with you.
Access equity
You may need cash for a major purchase or home improvements. Whatever the reason, by refinancing for an amount higher than your current principal balance, you can obtain the cash from the equity built up in your home.
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Get down with low rates
Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
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More bells, better whistles
Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
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Debt consolidation
If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
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Free up money for your projects
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
How to refinance.
The thing is, refinancing can be made simple with a broker. Here’s what the process looks like.
Get in touch-
Check in
We’ll take the time to understand your circumstances and goals and review your current mortgage, including any exit fees or additional costs.
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Your shortlist
Next, we compare your loan with others offered by over 60 lenders to see if you could be better off somewhere else. You will receive a shortlist of our recommendations, which may include renegotiating with your current lender.
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Take action
When you’ve made an educated decision, it’s go time. We do the legwork for you from application to settlement. We then regularly check in to make sure your loan is still working hard for you.
How much could I save by switching loans?
Different loans have different fees, features and repayment options. Use our loan calculator to see how the numbers stack up between two loans.
Ask us a question.
We're here to help.
