Your Go-To Mortgage Brokers For Refinancing
Things in life change, including interest rates, circumstances, and goals. When they do, it could also be time for your current home loan to change. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone - with an experienced mortgage broker doing the legwork with your best interests at the heart of all recommendations, mortgage refinancing can be easier than ever.
The right time to refinance
Finding a lower interest rate isn’t the only reason why you may choose to refinance your home loan. If it has been over a year since you last compared your home loan, or your financial circumstances have changed, it could be a good time to check if you would be better off refinancing. Some other reasons you may consider refinancing include:
Fixed-rate expiring
If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.
Your equity has grown
If you have been making your home loan repayments, it is likely the equity you own in your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.
Your credit score has improved
If your credit score has improved since you took out your home loan, you could be eligible for a lower interest rate. It is always worth asking the question.
Why refinance?
There are many reasons why people choose to refinance. Lenders rarely reward customers for being loyal, so it’s a good idea to regularly check to see if there is a better-suited loan option for you. Some benefits can include:
Get down with low rates
Interest rates regularly change. Is yours still competitive? If you have a variable rate or your fixed rate is due to expire, you can negotiate a lower rate with your lender or find one that will.
More bells, better whistles
Not all home loans are packaged equally. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account, or a redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
Debt consolidation
If you have multiple debts, such as a personal loan, car loan or credit card, you can roll them into your home loan. This consolidates your debt into one repayment and could save you in interest. We will consider the whole picture, including fees and repayments, to determine if debt consolidation is right for you.
Free up money for your projects
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
How to refinance
The thing is, refinancing can be made simple with a broker. Here’s what the process looks like.
- Check in
We’ll take the time to understand your circumstances and goals and review your current mortgage, including any exit fees or additional costs. - Your shortlist
Next, we compare your loan with others offered by over 60 lenders to see if you could be better off somewhere else. You will receive a shortlist of our recommendations, which may include renegotiating with your current lender. - Take action
When you’ve made an educated decision, it’s go time. We do the legwork for you from application to settlement. We then regularly check in to make sure your loan is still working hard for you.
Calculators
In the realm of financial empowerment and planning, knowledge is your greatest ally. Use these calculators to get an idea of how much you can borrow and how much your repayments might be.
FAQs about refinancing.
We’ve got your questions covered.
How much does it cost to refinance?
Refinancing can help you secure a lower interest rate on your home loan, consolidate debts or even pay off your loan faster. However, there are some hidden fees. These include the discharge, application and settlement fees.
Does it cost to use a broker?
In almost all scenarios you are not required to pay a fee for our services. Instead, we’re paid a commission by the lender you choose through. Learn more here and get in touch if you have any questions.
What is a good interest rate?
Each interest rate depends on loan type, repayment plan and several other factors. This means a good interest rate for you may not be a good interest rate for someone else. Get in touch with me today to to find out which loan type, repayment plan and lender will give you a competitive interest rate for your needs.
How often can I refinance my home loan?
There's no strict limit on how often you can refinance your home loan, but it's important to consider the costs and benefits before doing so. Some lenders may have waiting periods or fees for early refinancing, and frequent refinancing could impact your credit score.
Typically, homeowners refinance every 2 to 5 years to take advantage of better rates, access equity, or adjust loan terms. If you're unsure whether refinancing is the right move, get in touch for a free consultation.
How long does it take to refinance your home loan?
The refinancing process typically takes 2 to 6 weeks, depending on factors like lender processing times, document submission, and property valuations.
We can help speed up the process by guiding you through paperwork, comparing lenders, and ensuring a smooth application. If you're looking for a faster turnaround, having your financial documents ready and responding to lender requests promptly can help.
