Refinancing your mortgage is a great way to access better mortgage terms and can help you save thousands each year. Read to find out the process, benefits and reasons for refinancing a home loan.
What is Refinancing?
Refinancing is when you get a new loan to pay out & close your current loan. This can be with a new bank or your current lender. Refinancing is advisable when it places you in a better position that you are now. This may lower interest rates, lower repayments or restructuring the current loan.
How much will the bank lend me
Cash Release
Secured by
Property
Unlock the equity in your home to do renovations, pay down more expensive debt, purchase an Investment property or shares
Lower Interest
Rates
Chances are your home has increased in value over time and your bank may no longer be passing on the best discounts to you. Factors such as these give you access to better rates and lower repayments.
Home Loan
Health Check
Contact us to get the detail on your circumstances including a free Credit Check and Property Report
What are the key
items to get lender
approval
There are a number of ingredients that go into a successful loan application. Two of the main criteria are sufficient stable income to evidence you can repay the loan and sufficient value in the property to support the requested loan amount
Discover if you qualify
We can help you refinance your home loan.
Steps to Refinance
Understand why you are refinancing:
Better rate, lower repayments, cash release. Knowing why is the most important first step and sets us on the right path
Know the costs:
There may be fees charged by the outgoing lender and state government charges to consider.
Get your documents ready:
Evidence of income, good loan payment history and living expenses
Order Property Valuation and Credit Report:
This will inform us on how much equity you have in the property and the borrowing capacity for the refinance and confirm your credit worthiness
Figure out how much equity
you have:
Generally, it is best to keep at least 20% equity in your current properties in order to avoid Lenders Mortgage Insurance and qualify for the best rates
Assess best lender rates and policies that align with your needs:
Compare the market and ensure the loan application has the greatest likelihood of approval and places you in a better position.
Loan Approval:
Notify the outgoing lender you are leaving with a Mortgage Discharge Authority and move to the new lender.
Settlement:
New lender will send you a Welcome Pack, internet banking and cards to enable your new banking relationship to begin
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