Mortgage Loan Refinancing

Refinancing or loan switching is the process of paying off your existing loan by taking out a new loan from a different lender. Once you have paid a portion of your mortgage and your property price has appreciated in the market, refinancing can be a rewarding option. As an experienced broker we can assess your situation and help you refinance your current loan to meet your goals.

Why should you consider a refinance?

To switch to a better interest rate

One of the primary reasons home owners want to switch loans is to get a better interest rate and thus lowering the repayment amount. But the refinance process incurs some significant costs and you should always know how long will it take for you to recover the costs. As your broker we will give you an accurate estimate of the costs for your refinance and the time it will take to recover those expenses from your savings through lower repayments. This will help you to take informed decisions.

To access equity

If you have owned your property for several years then there is a good chance that you have built a sizeable equity in your home. Equity is the difference between the current value of your property and the amount you owe to the mortgage lender. When you refinance you can release this additional cash and use it to build your wealth or to pay for luxuries that you could afford. Talk with us today to find out how you could release equity through a refinance.

Change the loan structure

If you want to lock your repayments to a fixed amount for a duration then you might want to switch to a fixed interest loan. Otherwise you might want to switch to a lower variable interest loan though you should keep in mind that interest rates might go up anytime in future. As your adviser we will analyse your current loan health and can structure your refinance loan to maximize your benefit.

Get a loan product with better features

When refinancing you should look for lenders who are providing better features with no additional cost. Having an offset account, flexible repayments, redraw facility and loan portability among other options can make life really easier for you in future.