What does it mean to Refinance?
You establish a new loan under new conditions, features & interest rates either with your current or existing lender. In the process of doing so, funds from your new loan pay out your existing one in full.
Why should I bother?
Especially in the realm of wealth generation and investment, when done properly – Refinancing can be a powerful tool to help build and grow your property portfolio.
It’s now 2011, and you may have noticed significant competition in the Australian mortgage market this year. Thankfully, we have been able to help many Aussies refinance their existing loans to take advantage of some great mortgage options, interest rates, equity access or even just to consolidate their debt.
Is refinancing for you???
First, ask yourself each of these questions
- Are you paying a premium interest rate and not getting much benefit from your mortgage?
- Do you have multiple debts that you need to consolidate into one loan?
- Are you unhappy with your current lender and looking for someone else to look after your mortgage?
- Have you heard of loan features that you want in your loan, but haven’t been able to take advantage of?
- Are you looking to access equity and either buy an investment propery, another home or do some renovations?
If you answered yes to any of the above (or even to all of them!) you could see benefit from a refinance.
What are the costs to Refinance?
Whilst refinancing is a fantastic method of duplication and cost saving whilst accessing equity in your home or investment property, it can carry some cost.
It differs for most people, but for an idea of some of the fees you might be up for:
- Deferred Establishment (Exit) fees from your current lender
- Application fees
- Mortgage registration fees
So.. should I refinance?
This answer depends on your own situation. We can help determine if you would gain from doing so, and then handle the end to end application process for you.
