Reasons for a home loan refinance
- A home loan refinance could save you thousands in interest payments with a lower interest rate
- If your moving house, a refinance will pay out your current mortgage and get you the funds for the new home.
- Refinancing allows you to release equity in your home to pay for other things
- Refinancing can mean changes to your loan terms & conditions to better suit your needs
- Refinancing allows you to consolidate all your debts into one low interest loan
- Refinancing allows you to switch between variable and fixed interest rates
No matter what your reason for considering a home loan refinance, Assured Lending Mortgage Brokers will help you through the entire process. We have been able to find a better loan option for 82% of the home owners who have contacted us for a loan review. We will look at saving you money with a lower interest rate and loan fees, improving your cash flow by consolidating debts or redrawing equity from your property and finding the loan and the lender that suits your needs.
The process of a home loan refinance
Step 1 – Current Home Loan &
Needs Analysis Review
Our Mortgage Brokers will give you a cost and obligation free home loan review over the phone, this takes about three minutes and we will be able to tell you if there are cheaper or more suited loans on the market for you. We can then come to you and look at your circumstances in more detail. We will advise you on the different loans and lenders that would suit your needs, the costs that may be involved in doing a home loan refinance and what the application process involves so you have all the necessary information before you decide to go ahead.
Step 2 – Assembling Your Home
Loan Refinance Application
Once you have decided on the prefered option for your home loan refinance, your Assured Lending Mortgage Broker will complete all the application paperwork for you. We will let you know exactly what personal documentation the lender will require and we make sure you understand all the terms and conditions of your loan. We will liaise with the lender on your behalf and make sure the application is structured for the highest chance of approval.
Step 3 – Getting Your Home
Loan Refinance Approval
We will advise you as soon as the home loan refinance has been approved. Your new lender will pay out your existing loan (if you decided to change lenders) and you can commence repayments on the new loan.
The title deeds for your property will be provided to your lender and discharge of mortgage documents will be lodged with the Land Titles Office for you.
A free, 3 minute home loan review could save you thousands
If your not having your home loan reviewed every two years, you could be spending thousands of dollars on unnecessary interest payments and loan fees. A very simple three minute phone call with one of our Mortgage experts can ascertain if a home loan refinance could save you money or meet other financial needs you may have. We look at your current interest rate, loan fees and the terms and conditions of your loan. We also consider any changes you may want to make to your financial situation like consolidating debts or drawing some of the equity from your property. We will let you know what other options available for you and can provide you with a full home loan comparison report. Any advice we give you is completely cost and obligation free. A home loan review costs you nothing but it could save you thousands.
What our customers say about their home loan refinance with Assured Lending
Home Loan Refinancing FAQ’s
- What is a home loan refinance?
A home loan refinance is when you take out a new loan that better suits your needs. Some or all of the funds from this new loan are used to pay out your current home loan.
- Do I need to change lenders to refinance ?
No, you do not need to change lenders to refinance. Your current lender may simply have a different loan product that better suits your needs or you may refinance the same loan product so you can withdraw some of the equity in your home.
- Why do people get a home loan refinance?
There are several different reasons to refinance a home loan.
- If your moving house, a refinance will pay out your current mortgage and give you the funds to purchase the new home.
- Interest rates are constantly changing and lenders are continually changing the offerings of their loan products to get your business. A home loan refinance to a new loan with a lower interest rate could save you thousands over the life of your loan.
- Any loan comes with terms and conditions and as your needs change, you may want a loan that has more flexible terms and conditions, for example, the ability to make interest only repayments or to make additional payments.
- As the value of your home increases over the years, you gain equity in your property. Equity is the difference between what your home is worth and how much you owe on it. You can get a home loan refinance to use some of this equity to pay for other things like renovations, a holiday, a car, an investment property or just to free up some spare cash.
- As Interest rates fluctuate, you may want to change your loan from a variable rate to a fixed rate. If your current loan product does not allow you to make this change, you can do it by refinancing.
- A home loan refinance can give you the option to consolidate your debts. If you are paying high interest rates on credit card bills or personal loans, you may be able to refinance your home loan to pay out these debts.
- What does it cost to refinance a home loan?
If you are refinancing with a different lender, in many cases, you will be charged an exit fee from your current lender, but the money you save on a lower interest rate could far out way this initial cost. Every loan product and lender have different exit fees, your Assured Lending Mortgage Broker will explain all the costs to you for your individual circumstances, allowing you to make an informed decision on the advantages and disadvantages of refinancing before your commence.
The Mortgage Broking services of Assured Lending are free to you as the lenders pay us.
- How can a Mortgage Broker help me with my home loan refinance?
An Assured Lending Mortgage Broker will give you an obligation free, 3 minute home loan review over the phone. If there is an opportunity for you to gain value from refinancing, we will come to you, in your own home, during or after office hours. We will go through your needs in detail and explain everything in an easy to understand manner to help you make an informed decision on whether to go ahead and which loans & lenders would better suit your needs. We will complete all the application paperwork and liaise with the lender on your behalf, keeping you informed through the entire process from application to settlement and for the life of your loan.
Home Loan Refinance Tools
Do you know how much your property is currently worth and how much equity you have in your home? We will email you a free property valuation report which includes an estimated valuation on the property, previous sales history, location highlights, comparative sales details for similar properties that have been sold in the same area, median property prices for the suburb, properties sold per year in the suburb, capital growth and more.
Assured Lending have a range of free online mortgage calculators so you can get instant estimates on how much you can afford to borrow, loan repayment costs on varying mortgage amounts, repayment comparisons for making additional repayments or varying the frequency of your repayment, the changes to your repayments if you split your loan between fixed and variable rates or if you use a mortgage offset account and more.