Home Loan Refinancing Services
Gone are the days when you arranged the loan for your home, made your monthly payments and in 25 years the loan was paid off and you were debt free.
These days banks and other lending institutions are more interested in getting new customers than looking after their loyal customers. When was the last time you heard from your lender to review your mortgage and to see if they couldn’t provide you with a better interest rate.
In todays market it pays to shop around, not just when you are first applying for your home loan, but regularly over the life of the loan to ensure you are getting the most suitable loan for your circumstances.
When was the last time you reviewed your home loan? Is it 1, 2 or 10 years? What has changed during that time? Are your goals the same, are you paying too much interest, do you want to indulge yourself with a Cruise through the Mediterranean?
You should review your home loan at least every two years and in necessary look at refinancing your home loan.
The Benefits of Refinancing
There are many potential benefits to home loan refinancing. These include:
- Lowering your monthly mortgage repayment by taking advantage of a lower interest rate
- Paying less total interest on your loan by balancing a lower rate against the costs of refinancing
- Repaying your mortgage faster thanks to a lower interest rate, or a mortgage that allows you to pay more
- Unlocking equity in your home for renovations or other expenses
- Consolidating credit card and other debt
Enjoying The Benefits
Refinancing can be complicated. There are many steps you need to take to ensure that you follow the rules for your existing loan and your new loan. You must also ensure you balance any potential costs (such as discharge fees or penalties) against any potential savings that home loan refinancing will bring through a lower interest rate or other benefits.
The Refinancing Process
As a qualified Brisbane mortgage broker, I take the hassle out of home loan refinancing by taking care of the entire process on your behalf.
Choosing Your Next Loan
After consulting with you to discuss your financial position and goals, I will identify suitable lenders and loans to match your requirements. Once you select the right loan for you, and we have prepared and submitted your application, it will be time to arrange paying out your existing loan.
The next step is to contact your current lender for quote for paying out your existing loan in 30 days’ time. The payout figure will include your outstanding loan balance, the interest that will be charged over the next 30 days, any discharge or settlement fees and penalties, and any break costs (if it’s a fixed rate loan).
At this stage you will also have the option to cancel any automatic loan repayments for your current loan.
Mortgage Discharge Authority
Your home loan cannot be refinanced until you complete, sign, and return a Mortgage Discharge Authority to the Discharge/Settlements Department of your current lender. I help you to organise this so that you’re good to go.
Your New Mortgage
I will help you with all the mortgage documents and contracts to discharge you from your existing loan, and apply for your next one. Once all the paperwork is completed, your new lender will liaise with your old lender to settle the loan, and you will be ready to enjoy all the benefits of home loan refinancing.
Get In Touch
Would you like personalised and expert assistance with reviewing your home loan? I can help. Send me a message, or call me today on (07) 3911 1190 to make an appointment for a free and no-obligation review of your home loan.