REFINANCE

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Home Loan Refinancing

How long has it been since you revisited your home loan? Chances are your needs have changed and so has your financial situation. Although your home loan was set up for particular circumstances at the time, new options, market-leading features and more competitive interest rates are now available.

There is no harm in reviewing your home loan from time to time, just to make sure that it is working for you and providing all the benefits to suit your lifestyle.

Is Refinancing home loans meant to be difficult?

There is a theory that refinancing your home loan is time consuming and there are piles and piles of paperwork too complete. Maybe you experienced issues with your previous mortgage broker or lender. This deters a lot of people to leave their existing home loan where it is, while paying thousands of dollars in extra interest to do so.

An experienced mortgage broker should take the inconvenience out of the process and make it as streamline and stress free as possible.

That's where our experienced mortgage brokers come in. We will sit down with you, compare 100's of products from different lenders and choose the right home loan to suit your circumstances. We will then complete the end-to-end process, and let you know once your loan has settled.

Mortgage Broker or Bank

Another myth that we constantly come across is that dealing directly with lenders will enable you to ascertain better features, better products or negotiate better interest rates. This is not true. Dealing with a lender directly provides you with only one set of products which can be quite limited. In addition, lenders are expected to sell credit cards, offset accounts and insurances to enable them to receive their bonuses. We will obviously go through the different products and features with you and identify which ones would be beneficial, but we have no requirement to sell you any additional products, leaving the decision completely up to you.How long has it been since you revisited your home loan? Chances are your needs have changed and so has your financial situation. Although your home loan was set up for particular circumstances at the time, new options, market-leading features and more competitive interest rates are now available.

There is no harm in reviewing your home loan from time to time, just to make sure that it is working for you and providing all the benefits to suit your lifestyle.

There is a theory that refinancing your home loan is time consuming and there are piles and piles of paperwork too complete. Maybe you experienced issues with your previous mortgage broker or lender. This deters a lot of people to leave their existing home loan where it is, while paying thousands of dollars in extra interest to do so.

An experienced mortgage broker should take the inconvenience out of the process and make it as streamline and stress free as possible.

That's where our experienced mortgage brokers come in. We will sit down with you, compare 100's of products from different lenders and choose the right home loan to suit your circumstances. We will then complete the end-to-end process, and let you know once your loan has settled.

Will I Get a Better Rate dealing direct with a bank?

Another myth that we constantly come across is that dealing directly with lenders will enable you to ascertain better features, better products or negotiate better interest rates. This is not true. Dealing with a lender directly provides you with only one set of products which can be quite limited. In addition, lenders are expected to sell credit cards, offset accounts and insurances to enable them to receive their bonuses. We will obviously go through the different products and features with you and identify which ones would be beneficial, but we have no requirement to sell you any additional products, leaving the decision completely up to you.

What are the cheapest home loan rates?

This seems like a very straight forward question which can be simply answered by asking a lender to provide the best variable home loan rates. While the best base rate is provided to you, once the fees and other costs have been factored in, how good is the actual rate, more commonly known as the comparison rate. For example, you walk into one of the big four banks and ask for the "best fixed home loan rate". They provide a 2-year fixed rate of 3.75% under their package which costs $395 per year. There are also other fees which equate to approx $120 per annum. Once these two fees have been included as they are annual charged fees, the rate would reflect above 4%, so it pays to have a mortgage broker who factors these things in to ensure that you are getting the cheapest home loan.

How do I access the best home loan deals?

This is a question that everyone would love to know the answer to but there are so many lenders and mortgage brokers that have a different opinion due to things like limited products or higher paying commissions to certain lenders that make it difficult to access the lowest home loan rates. Find A Better Rate have over 30 different lenders available providing some of Australia's leading home loan products. We sit with you and compare home loan interest rates so that you can view side by side comparisons and feel comfortable that you are getting the best available interest rates on the market.

How Does Refinancing Work?

How long has it been since you revisited your home loan? Chances are your needs have changed and so has your financial situation. Although your home loan was set up for particular circumstances at the time, new options, market-leading features and more competitive interest rates are now available.

There is no harm in reviewing your home loan from time to time, just to make sure that it is working for you and providing all the benefits to suit your lifestyle.

There is a theory that refinancing your home loan is time consuming and there are piles and piles of paperwork too complete. Maybe you experienced issues with your previous mortgage broker or lender. This deters a lot of people to leave their existing home loan where it is, while paying thousands of dollars in extra interest to do so.

An experienced mortgage broker should take the inconvenience out of the process and make it as streamline and stress free as possible.

That's where our experienced mortgage brokers come in. We will sit down with you, compare 100's of products from different lenders and choose the right home loan to suit your circumstances. We will then complete the end-to-end process, and let you know once your loan has settled.

Another myth that we constantly come across is that dealing directly with lenders will enable you to ascertain better features, better products or negotiate better interest rates. This is not true. Dealing with a lender directly provides you with only one set of products which can be quite limited. In addition, lenders are expected to sell credit cards, offset accounts and insurances to enable them to receive their bonuses. We will obviously go through the different products and features with you and identify which ones would be beneficial, but we have no requirement to sell you any additional products, leaving the decision completely up to you.

When to Refinance and Should I Refinance?

There are a number of reasons why people refinance their home loans;

  • You may be looking to access the equity in your property for investment purchasing, debt consolidation or renovations

  • You may be coming up to the expiry of your fixed rate and want to find out what other lenders are offering to win your business

  • You may be looking for a more competitive home loan rate or additional features that your existing lender may not offer or charge you a small fortune to use

  • You may be looking to consolidate debts such as credit cards and personal loans to minimise your monthly expenses and free up cash for more important things

Things to consider when refinancing your home loan

When choosing a new home loan, its generally a good idea to switch to a lender that provides the necessary features that benefit you and fit in with your needs. Some of those features which can actually increase the cost of your loan are;

  • Branch access - Is there any requirement for you to be able to walk into a branch to complete your daily banking? The best approach to answer this question is "How many times have you been into a branch in the last 12 months?"
  • Do you actually need to be paying for an annual fee which provides you a "free" credit card or a "free" offset account? If these were free features, then why are you paying an annual fee?
  • Is the new lender that you are considering providing a rebate to cover your refinance costs?
  • What hidden fees and charges are there?

These are only a few questions that need to be considered when refinancing your home loan? Our experienced brokers are not biased on the lender that your loan proceeds with giving you piece of mind that our decision is totally based around your benefit and not ours. Contact one of our mortgage brokers to discuss your options today.

Refinance Tools

There are some really useful tools that can give you a good idea on the interest you could save and the money you could free up for everyday living. These tools can be found below

  • Loan Repayment Calculator - This will provide an idea of what your repayments could be if you were to switch to a lender providing a more competitive rate and lower fees
  • Loan Comparison Calculator - This will give you a side by side comparison of your current lender and what a new lender can offer you for your home loan
  • Borrowing Power Calculator - This will provide you with an estimate on what your borrowing capacity is and gives you an idea of what you have available to you in terms of equity. Remember if you are planning on paying out existing debts such as credit cards and personal loans, these are not required to be entered as a debt. This is only a guide as each lender will provide different amounts based on circumstances and it pays to speak with one of our brokers before counting yourself out based on this calculator. Call us today to discuss your situation further.

What documents will I need to refinance my home loan

There is a common myth that there is a mountain of paperwork to provide when refinancing your home loan which deters a lot of people to proceed with the process. If you have the right person completing this process, a list of required documents should be provided up front without the requirement of providing additional material.The normal required documents are as follows;

  • 2 most recent payslips
  • Most recent group certificate
  • Competed application form
  • Drivers Licence and in some cases a second form of ID is required
  • Transaction history of the existing home loan or existing debts being refinanced
  • Rates Notice
  • Contract of sale (if purchasing a new property)
  • Rental statement if using income to service loan

Self Employed applicants provide either one or two most recent full financials instead of the payslips depending on the lender.

Can I access the equity in my current property?

Accessing the equity in your existing property can assist in starting or even growing your investment portfolio as it can provide the minimum funds to cover the deposit on your new purchase. Although the funds are tied up with your existing owner occupied property, as long as the structure is setup correctly, you will still be able to claim all the normal investment benefits.

You may have four or five credit cards and a personal loan or two which you're paying a fortune in interest, leaving you with minimum funds to cover living expenses. Depending on how long you have had your home loan, we see many cases where we consolidate the little debts in with the home loan, find a more competitive rate and repayments actually end up being lower than what we’re being paid for the previous home loan alone.

If you would like to find out how much easier we can make life for you, please contact us today.

Address

PO BOX 362
Avondale Heights VIC 3034

Phone

1300 992 260

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