Refinancing
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.
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:
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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 whistlesList Item 2
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 projectsList Item 4
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.
The right time to refinance.
Finding a lower interest rate isn’t the only reason why you may choose to refinance your home loan. If it has been more than a year since you last compared your home loan, or your circumstances have changed, it could be a good time to check if you would be better off refinancing. Some other reasons you may consider refinancing include:
Fixed-rate expiring
If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed-rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.
Your equity has grown
If you have been making your home loan repayments, it is likely the equity you own of your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.
Your credit score has improved
If your credit score has changed for the better since you took out your home loan, it is possible you could be eligible for a lower interest rate. It is always worth asking the question.
How to refinance.
The thing is, refinancing can be made simple with a broker. Here’s what the process looks like.
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1. 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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2. Your shortlistList Item 2
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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3. 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.
Loan comparison calculator.
How do the numbers stack up between your loan and another? This calculator can help you find out. Alternatively - reach out and we can run the numbers for you. We always factor in any costs involved to weigh up the overall benefit and determine if refinancing is in your best interest.
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.
