Personal circumstances often change and so will the interest rate your paying. So if you’re a person who hasn’t looked at your Home Loan for a while it might pay for a health check. Remember, complacency can be costly and refinancing wont cost you the world.
The best part is that it’s quicker, easier and cheaper than you may think. You may even have some more equity that we can use as a bargaining chip when negotiating your rates with our lenders.
In addition to checking if your current home loan is competitively priced, we can help you with debt consolidation, loan increases for renovations and more.
For some further reading on refinancing costs click here.
We know you have lots of questions. So, we’ve provided answers to the most common ones here.
You could save thousands of dollars by spending a few hundred. Over time the home loan you originally signed up for may not be as cheap as what’s currently available and you may have built up some additional equity which will give you access to more options. We suggest a quick home product check to see where you are placed and if we think you can do better we will find you the right option.
From a customer’s perspective not that much. It begins with an assessment of your financial situation, a review of your current loan, a valuation of your existing property and the submission of some forms. We will manage the process to make this as simple as possible
This will vary depending on the lender and the type of loan you have. While fixed loans can be costly, variable loans can normally be sorted for a few hundred dollars. This will be to cover settlement and registration fees while application and valuation fees are typically waived by the new lender.
To use industry jargon this is Debt Consolidation and yes this is something we can help you with. Some lenders will have restrictions on what you can consolidate but it can be a great way to simplify repayments and potentially benefit from lower interest rates associated with your home loan.
Variable interest rates move. Normally relative to changes in official interest rates set by the Reserve Bank of Australia. A variable rate loan is beneficial when rates are on the decline. Fixed interest rates don’t move. You can fix your rate for a particular period of time, normally between 1 and 5 years. But it’s most beneficial when rates are on the rise.