Changing circumstances may mean it is time to revisit your home finances.
Refinancing a mortgage can feel overwhelming for many people. This is where our expertise comes in. We can clarify the nuances of fees and the choice between fixed and variable interest rates.
Opting for the right refinanced loan could pave the way to quicker mortgage repayment, reduced costs, elimination of unhealthy debt, or the enhancement and increased value of your home, all of which are steps in the right direction.
Refinancing your home loan
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Common questions for those thinking of refinancing.
Can I get a mortgage where I pay less than I’m paying now?
It’s always worth checking to see if your current loan still suits your needs - and we’re a great place to start.Whether you can lower your repayments will depend on a few factors, including:
The interest rate you’re currently paying.
The type of loan you have (such as fixed, variable, interest-only, or line of credit).
The features you want in your loan going forward.
We can quickly review your situation and explain your options, helping you decide if refinancing or switching loans could save you money.
Can I consolidate credit card or other debts into a home loan?
This is one of the reasons some people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans, etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments of the debt that you consolidate at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow (subject to satisfying legal and lender requirements) with our Borrowing Power Calculator. Chat to us when you’re ready, we can help with calculations based on your circumstances.
How do I choose a loan that’s right for me?
Our guides to loan types and loan features will help you learn about the main options available. There are hundreds of different home loans available so talk to us today.
How often do I make home loan repayments - weekly, fortnightly, or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. If you aim for weekly or fortnightly repayments, instead of monthly, you will make more payments in a year, which could potentially shave dollars and time off your loan.
What fees/costs are involved in switching mortgages?
Depending on your loan, penalty fees could apply if you’re paying off your current mortgage early. But these may be offset by repayment savings when you switch home loans. We’ll walk you through any fees that could apply in your circumstances, or use our Mortgage Switching Calculator to get an estimate.
We are here to help.
There are so many loans and lenders that the idea of narrowing it down to one is pretty daunting. Even then, how do you even know you’ve chosen one that’s right for you?
That’s where a broker comes in.
Speak to us today