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.
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.
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
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!
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.
If your current lender is not prepared to give you a better deal then it might be well worth taking the time to speak with a mortgage broker to find a lender that will. Here’s how to refinance your current home loan.
In the past 12 months we have seen record numbers taking out fixed-rate home loans. Particularly during COVID-19 times, it's worth considering what might happen with interest rates in the future and whether that means you too should think about a fixed-rate home loan.
The RBA has made it known that interest rates are likely to stay low for a while yet; however, there is increasing evidence to suggest that they will need to rise sooner rather than later.
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If you have a home loan, there are many reasons you may consider refinancing. That could include wanting to borrow more, access different home loan features or simply to get a better interest rate. We explore the more common reasons for refinancing, including a few you may not have thought of.