Understanding The Mortgage Refinance Process

HomeInsights

Understanding the mortgage refinance process

The refinancing process depends largely on the terms and conditions to which your current home loan agreement is subject. If you’re thinking about switching loans, you need to consider the costs of any penalties – if relevant – versus any savings you stand to make.

It also pays to investigate the process before you revise your loan’s terms and conditions or trade one lender for another.

Why refinance?

There are several reasons motivating homeowners to refinance. It could be to achieve a lower interest rate or move from a fixed rate to a variable rate loan or vice-versa. It may be that a significant change in your life circumstances or financial situation impacts your ability to meet your mortgage repayments, leaving you no choice but to refinance.

Did you know?

With our in-house mortgage broking division we bridge the gap between the countless phone calls and emails between lender and accountant making your refinancing and borrowing much less stressful.

LET'S TALK MORTGAGES LET'S TALK MORTGAGES



For instance, if you and your partner are expecting a child, you may be planning to take maternity or paternity leave or reduce your work hours therefore accepting a lowered income.
Conversely, you may have just received a promotion or a job change and with it a raise in salary, putting you in the position to increase your monthly repayments with a view to paying off your mortgage faster.

Regardless of your particular situation, it's beneficial to consult a strategic mortgage broker to assist you with the refinance process if need be.


The mortgage refinance process


We can help.

SMART Business Solutions is a registered financial services provider and perfectly positioned to help you determine the most suitable property loan types and terms for you.

If you’re in the market for a financial advisor with knowledge of the property market and mortgages, SMART Business Solutions can help. We can advise you about whether refinancing your mortgage is the right move for you and, if so, guide you through the process. We are here for you every step of the way, providing regular check-ins to ensure you stay on track to homeownership success!

Get in touch

Our holistic approach to taxation, accounting and financial planning means we bridge the gap in the client experience, eliminating the frustration from delays that are often inevitable with multiple stakeholders involved in the lending process.

LET'S TALK MORTGAGE & LENDING LET'S TALK MORTGAGE & LENDING
23 Feb

4 Mistakes To Avoid When Buying A Car

Unlike other purchases, it’s not possible to return a car if you get home and decide you don’t like it.


READ MORE READ MORE
23 Feb

4 Things To Consider Before Fixing Your Interest Rate

With interest rates at record low levels, many homeowners are considering the possibility of fixing their interest rate on the home loan.


READ MORE READ MORE
23 Feb

How To Reduce Lenders Mortgage Insurance (LMI)

Lenders Mortgage Insurance can be a great tool to help homebuyers get into a property that they otherwise might not be able to afford. However, it comes with a cost.


READ MORE READ MORE

Related News

23 May

Single Touch Payroll changes

In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.


READ MORE READ MORE
19 May

ATO ramps up heat on directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.


READ MORE READ MORE
18 May

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.


READ MORE READ MORE