Refinancing 

Benefits of refinancing

If done properly, refinancing can mean that you are paying less for your mortgage each month, freeing up funds to use in other ways. Read on to find out more, or get in touch with one of our highly experienced mortgage brokers today. 

• Take advantage of lower rates
  One of the most common benefits you derive when refinancing is that you are able to obtain a lower interest rate than you currently enjoy. We are here to help you access lenders and loans that will save you money over the life of your mortgage.
  
  
• Loans with more features and benefits
  Lenders are developing loans with new features and benefits all the time, and there may now be a range of options regarding fees, repayments, etc., that weren’t available when you first took out your mortgage. Refinancing can enable you to access these features.
  
  
• Consolidate your debts
  A further benefit of refinancing is that it enables you to combine credit card and personal loan debt into a new home refinancing loan at a lower rate of interest. In this way, you may well be able to reduce the amount you have to repay each month, freeing up cash for other expenditure. 

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The right time to refinance

Choosing the right time to refinance is essential to getting the best value and generally making your home loan more affordable. Therefore, getting advice from a specialist mortgage broker is essential to ensuring that you refinance at the right time.

Improved credit rating

The timing of when you apply for refinancing can be important, as it can be influenced by your credit rating. A good credit rating could help you to achieve a better deal, or alternatively a less positive credit rating might mean that waiting for a better time to refinance is advisable. 

State of the economy

The overall state of the economy can influence how beneficial it is to refinance. In times when inflationary concerns are not a huge issue, for instance, RBA rates will generally be lower, which means that there are likely to be more low interest refinance options available.  

When your home loan expires

Many people aren’t actually sure of the date when their mortgage is set to end, or when any fixed terms within the loan might be set to expire. It pays to remind yourself of these important dates, as it could be the prompt you need to refinance without having to pay any penalties. 

The steps to refinance

What is required when you want to refinance your home loan, either with your current lender or a new institution altogether? Our experienced mortgage brokers can simplify the experience for you by following this straightforward process. 

1. Review your situation
   Our specialist mortgage advisers will work you to get a full picture of your current financial situation, including what your goals are, and what will be required in order for you to be able to take out a new mortgage, such as exit costs.
   
   
2. Examine the market
   As experienced mortgage brokers of long standing, our access to the loan products or more than sixty leading Australian lenders means that you are able to get a complete understanding of all the options available in the market at any given time.
   
   
3. Start the process
   Once you have found a lender and a loan that is going to meet your needs, we will work with you to make the process of refinancing (and possibly moving to a new lender) as smooth as possible. 

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Loan comparison calculator

How much could I save if I refinance? 

Loan products from different lenders will offer a variety of different features in terms of fees or repayment options, all of which will impact on your repayments. Our loan calculator will help you compare loans and choose which option is right for you. 

FAQs about refinancing

What costs come with refinancing?

Although the purpose of refinancing is to reduce the overall cost of your home loan, there will still nevertheless likely be some costs incurred. For instance, you may have to pay a discharge fee, an application fee or a settlement fee. Your mortgage adviser will make sure you understand any charges you will be liable for. 

Does a mortgage broker charge a free?

In almost all cases, we do not charge you a fee for our services; instead, the lender pays us a commission for arranging the loan. This means we will generally not require you to pay for our services. 

How do I assess an interest rate?

Interest rates change, while the relative value of a rate and loan will depend on your individual circumstances. If you are trying to compare interest rates and loans, call one of our specialist mortgage advisors and we will be happy to help you navigate your way through the many different loan products on offer.