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0412 443 993

Email
mark@remarkablefinance.com.au

Postal Address
PO Box 1094,
Darling, VIC 3145

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Refinancing

Are you paying too much for your current home loan? Did you settle for a loan from the lender you have always banked with? Have you been thinking about refinancing, but not sure where to start?

Or have your circumstances changed, meaning it’s time to revisit your home finances? Perhaps you’ve changed jobs? Or there’s a new addition to the family? Maybe that leaking shower or tired kitchen has just reached the end of its life and is in need of a renovation.

For many, refinancing without the expert advice of a mortgage broker can be an overwhelming task. The right refinanced loan might help you to pay off your mortgage faster and for less, clear unhealthy debt or upgrade and add value your home.

Take the time and hassle out of refinancing, and let us do the hard work for you. We will review your current loan, discuss your financial situation and goals, and help you select a suitable loan that could save you thousands of dollars. We can also help you access equity in your existing property to assist with future investment purposes.

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A general Refinancing FAQ guide

Can I get a mortgage where I pay less than I’m paying now?

Now is always a great time to shop around or check that you have the right loan for your needs. We’re a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only) and what features you want in your loan. We can quickly explain your options.

Is it worth refinancing to get a better rate?

Reducing your interest rate from 4.50% to 4.00% may not sound like much. However, based on a $500,000 home loan, this could save you over $50,000 over the life of the loan.

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. Contact us today, we can help with calculations based on your circumstances

How do I choose a loan that’s right for me?

Our summary of loan types and features will help you learn about the main options. There are hundreds of different home loans available, so let us provide a short-list of the most suitable loans for your individual needs.

How often do I make home loan repayments — weekly, fortnightly or monthly?

Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.

What fees/costs are involved in switching mortgages?

Depending on your loan, penalty fees and break costs could apply if you’re paying off your current mortgage early, especially if you have a fixed loan. Typical costs when switching mortgages include a discharge fee (payable when your existing mortgage is discharged) plus any application or settlement fees payable when you obtain the new loan. Some banks offer cash incentives to customers who refinance, which usually more than covers the cost of switching banks, meaning no out-of-pocket expense to the customer.

Any potential costs should be offset by repayment savings when you switch home loans. We’ll walk you through any fees that could apply in your circumstances.