Basic Guide to Refinancing
Refinancing your home loan can bring you substantial benefits. We can work out if it is the right choice for you.
“Refinancing” is the process to change your home loan to suit your changing needs and take advantage of better opportunities. As home loans have added extra features, more and more clients have decided there’s another product that would better suit their needs, which can have a cheaper rate, lower fees, redraw, free services included in a package (such as credit cards and/or savings accounts) or a mortgage offset.
How refinance works:
You take out a new loan and use some or all of the funds to pay out your existing loan. The new loan often comes from a different lender, but many clients refinance with the same lender who they’ve been using for years.
Why you’d refinance:
Most people refinance for one of the following reasons;
- You want to renovate your home
- You want to pay off and amalgamate debts quicker and cheaper by rolling them into your home loan
- You want to get a cheaper rate
- You want to raise cash for purchase
- You have money earning interest and you want a home loan that will apply that money to your loan – in a mortgage offset account
- You want to have your home loan, credit card and savings account rolled into a package with a bank.
How to approach refinance:
You should start your refinancing with clear goals; whether they be to cut your repayments, free up cash or improve your home. Please contact either Paul Moran or Paul Tate on 9301 2200 to discuss your options.
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