Home Loan Refinance Newcastle
Refinance – Can I, Should I and Why Refinance?
In most cases YES, you can refinance, YES you should consider looking to refinance into a product that better suits your needs and WHY, well let’s explore what a refinance looks like for you below.
If you obtained a mortgage in the last 2 years or more there is a good chance you will be better off with an updated loan that will actually help you pay off your loan faster.
You may be on your first, second or third mortgage, it doesn’t matter. If one of the following situations sounds familiar, you should consider a refinance to improve your situation.
- You may have taken out your loan when you bought your house and used the quickest most convenient lender or worse still you had very few options based on your available deposit or financial situation. The rate wasn’t a consideration or option.
- My Honeymoon period is over and the rate is above the going rate, but the bank can’t offer me another discount. This is often the case and we need to do something about this for you.
- You have an interest rate that is above the going rate today, but your lender won’t reduce it for you. Most likely excuse being, we only discount for new customers or if you borrow more money.
- Most lenders set their interest rates based on your loan to value ratio (how much you have borrowed against the value of your property) the higher the ratio the higher the interest rate. When you purchased your property it may have been high to start with, however with time, repayments and property value growth you may have a lower ratio. Guess what? Your lenders will not monitor this for you or offer to reduce your rate.
- You may have more than one property with loans at different lenders and paying rates above the market because your loan ratios are artificially inflated and you are not using the power of your borrowings to negotiate a better price.
- My situation has changed, I’ve changed jobs / now self-employed, we have a child now, our income is lower or our credit cards are dragging us down. How do I approach my lender or a new lender, or how do I tackle debt reduction or consolidation?
Aren’t all loans the same, I hear you ask?
The short answer is no!
The lending market is constantly changing, opportunities for you to move and be flexible with your options put you in a good position to consider a refinance.
Apart from new features and new lending products entering the market, there is a good chance your financial situation has changed during this time and this alone is a good reason to investigate the need to refinance.
Why would I Refinance?
Awesome question. You should only consider a refinance if it will create a tangible benefit for you.
• Reduce my loan faster
• Consolidate Debt
• Update my car
• Buy that boat you always wanted
• Take a family holiday
• Invest in property and shares
• Provide a gift or loan to your children to enter the property market
The list can be endless, so take the time to consider your situation and discover how we can assist you and your needs.
Of course, a refinance does not have to include the need to borrow additional money. You may simply be looking to have your money working smarter and help you reduce your loan even faster. Many new loan product features allow you to maximise your income and repayments to allow you to reduce your debt even faster than you thought possible.
Should I refinance?
Is a question you will better understand once we review your finances and show you the benefits of doing so. An effective review of your finances may provide you with the:
- Potential for reduced monthly repayments
- Improved financial control
- Better understanding of your finances
- Affordable lifestyle
- Achieving your immediate goals
The big question most of us struggle with is, Can I refinance?
The challenge here is you don’t see the lender’s policy, understand their processes or potentially understand the various options available to you.
This is where we add value to your decision-making process. We take the time to understand your current finances, hear your ideas and what you want to achieve and provide you with options, ideas and make sure anything we do for you improves for financial position.
Basically, it’s all about you. Your finances, your goals and your options. Once we understand what you want to achieve then we review the lenders and their products available to you and take you through the options with a plan to make it all work for you.
Talk to us today to find out how effective a refinance can be for your success.
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Mortgage Broker Newcastle, Central Coast and Hunter Region