Refinance Home Loans with Zero Hassle
As times change, home loan rates change too, and your existing loan may not be the most favourable for you. Our expert mortgage brokers will make sure your loan is updated to better suit your position, and even how to refinance multiple loans into one convenient payment plan.
Refinancing home loans has never been easier!
Refinance your Home Loan with Little Hassle
What is a Home Loan Refinance?
A home loan spans for several years, during which your situation, the market, or any other factor might change. During this time, there is a strong possibility that lenders may be offering deals better than the one you have already signed up for.
Because the lenders do not always pass on these new benefits to their existing borrowers, the only way to take advantage of this is to revise the terms of your loan.
This process is called a Refinance, which is basically a revision of an existing mortgage balance or home loan balance that provides an advantage or benefit to your financial situation.
Through refinancing your existing home loan, the new lender will pay your old lender the full balance owing on your home loan and take on the balance (and sometimes more!).
Keep in mind though that depending on the lenders you may have to pay extra fees such as break costs, exit fees, application fees, and more.
When should I refinance my home loan?
- If you find a better interest rate for lower repayments
- If you want to cash out for renovating
- If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
- If you want to borrow money against the equity in your property
Will my Refinance include the First Home Owner Grant (FHOG)?
Can I refinance my personal loan and car loan into my mortgage?
- Tax debts
- Credit card debts
- Personal loans
- Car loans
Can I use my equity in my home to purchase another property? How?
Yes, you can use your existing equity in your home to purchase another property.
Equity is basically the value of the total of your home after deducting how much you still owe your lender. This means, the more the repayments you’ve made, the larger the equity you have in your property.
This amount is then considered when you take out your new mortgage, and a larger equity could be the difference in needing to or not needing to pay LMI.
Once you have calculated your equity, you can speak to your existing lender to see if they can accommodate you. Otherwise you can also shop around for other lenders who can offer you a better deal.
Can I still refinance if my credit score is not ideal?
Refinancing your home loan is just like applying for a new home loan. This means that if your credit score is not ideal, you may not qualify for a better mortgage.
Even if you do have a poor credit score, and/or have been turned down by major lenders, we can still help you by finding a specialist lender who can offer mortgage solutions for borrowers with less than ideal credit scores.
These mortgages may be more expensive than what a major or second tier lender may offer, but it could also be the solution that you’re looking for.
Am I eligible for any cash back offers when I refinance?
Yes, depending on the lender you may receive a cash back or a refinance bonus when you refinance your mortgage. The amount can vary from lender to lender, as well as your situation. Other benefits include a reduced LMI, or waived application fees.
Keep in mind though that these offers will come with conditions such as your loan amount, if you are a new customer, and more.
Can I get a more detailed assessment?
Get a no-obligation, personalized assessment from one of our expert mortgage brokers at ZERO COST.