Refinance

Frequently Asked Questions

Why should I use a Mortgage Broker?

A mortgage broker helps by offering access to various lenders, personalised guidance, and expertise in navigating the complexities of home loans. They save you time by handling research and paperwork, provide tailored advice based on your financial situation, and often negotiate better terms with lenders. Their support extends beyond securing the loan, assisting with refinancing and ongoing advice, making the process smoother and more convenient for you.

What is refinancing, and when should I consider it?

Refinancing involves replacing your existing mortgage with a new one, often to secure a better interest rate, change loan terms, or access equity in your home. Consider refinancing when interest rates drop significantly, your credit score improves, or your financial situation changes, allowing you to get better loan terms.

How do I know if I'm eligible for refinancing?

Eligibility for refinancing depends on various factors such as your credit score, income stability, existing equity in your home, and the current market conditions. Lenders may also consider your debt-to-income ratio and employment history when determining eligibility.

What are the potential benefits of refinancing my home loan?

Refinancing can potentially lower your interest rate, reduce monthly payments, consolidate debt, access home equity for renovations or investments, or change loan terms to better suit your financial goals. It may also provide the opportunity to switch from a variable to a fixed-rate loan or vice versa.

Are there any fees involved in refinancing?

Yes, refinancing can involve fees such as application fees, loan origination fees, appraisal fees, title search fees, and closing costs similar to the initial home buying process. It's essential to evaluate the overall cost savings against these fees before deciding to refinance.

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Disclaimer

ACN 660 600 251. Authorised Credit Representative number 503408. Australian Credit License number 384704. Part of the Finance Brokers Association of Australia Limited (FBAA) and licensed to give you credit advice. The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.

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