Refinance
Refinancing to a new loan with better rates and terms can save you money and set you up for financial success in the long run
Refinancing is the process of transferring your home loan from one bank or lender to another. By choosing to refinance, you might lower your monthly payments, shorten or extend your loan term, or unlock the equity you have in your property. Working with a Mortgage Sure adviser offers significant advantages. We assist by packaging your application for the new bank or lender, ensuring it meets all their criteria for a smoother approval process. We also help you select the right lender and loan structure based on your circumstances.
FAQs
There are a number of reasons why people choose to refinance. Some of these include:
- To minimise interest costs.
- To reduce your minimum repayments.
- To take advantage of different loan features other lenders offer.
- To unlock any equity held in your property.
- To consolidate other debts and loans.
The costs to refinance your home loan will depend on your individual circumstances. However, some of the costs you are likely to incur are as follows:
- Break fees where you break a fixed rate loan.
- A fee from your outgoing lender to discharge your mortgage.
- Legal fees from your solicitor who will take you through the loan documentation process and manage registering and discharging any mortgages on your property.
If you don’t feel as though your home loan is meeting your needs and objectives, refinancing could be an option for you to consider. Get in touch with one of our mortgage advisers to ensure you understand all the pros and cons of refinancing your mortgage.
Yes, you can still refinance your home loan, however you should discuss this with your mortgage adviser first to ensure you are aware of all the benefits and costs associated with refinancing.
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