Home Loan Refinancing Brokers
Home loan refinancing brokers are worth their weight in gold. The average Sunshine Coast home loan term is approximately thirty years, so the right broker can help you save thousands by reducing your interest payments. Refinancing every few years can make a significant reduction in interest costs. We start with a home loan health check before we consider refinancing. We then compare 100+ Australian lenders to make sure you’re getting the very best deal available, suitable for your financial situation.
To refinance mortgages means to switch from your existing home loan product to a better, new home loan at a lower rate. You could switch to a different loan product with your current lender, but it often means switching to a different bank.
What Refinancing Brokers Do
Often the first question our refinancing brokers are asked is ‘Can I get a better interest rate?’ But there are many other great benefits our team can help you with.
Refinancing your home loan can help:
- To pay off your mortgage sooner
- To save money on your current home loan
- To access equity in your property for renovations, life improvements or to take out another loan
- To consolidate debt – you may be able to add your credit card or personal loan debts to your mortgage
- To access additional loan features such as redraw facilities, flexible payments or an offset account
- To access equity so you can buy a new home
- To switch lenders – you may decide to switch from a bank to a non-bank lender. Some lenders are online only. As they don’t have branches, they often offer lower interest rates
- To take advantage of new incentives offered by a bank or non-bank lender. Lenders often advertise incentives such as ‘new customer discounts’ or reduced interest rates.
Refinancing home loan costs
To refinance your home loan is often to reduce your current outgoings and get you into the best financial position possible. An important starting point for our refinancing brokers is calculating your refinancing home loan costs. We check to make sure it’s going to give you savings. We make comparisons of what’s currently available from the major banks and lenders to compare the loan’s overall cost before giving you advice and the information you need to refinance your mortgage.
We compare your options and only recommend a switch if it’s in your best interest! We make refinancing easy.
Benefits Of Refinancing With Mortgage Brokers
Whether you want to lower your monthly repayments, reduce your interest rate, or tap into your home’s equity, we’re here to guide you through the process.
Homeowners choose to refinance for various reasons, including:
- Lower Interest Rates: To take advantage of lower interest rates in the market.
- Lower Monthly Payments: To reduce monthly mortgage payments and improve cash flow.
- Shorten Loan Term: To pay off the loan faster and save on interest.
- Cash-Out Refinance: To access the equity in your home for various purposes like home improvements, debt consolidation, or other financial needs.
The Refinance Process & Lenders
Step 1: Evaluate Your Financial Situation
Before diving into refinancing, it’s essential to assess your current financial situation, including your credit score, outstanding debts, and how long you plan to stay in your home. This evaluation will help you determine if a refinance option is the right choice for you.
Step 2: Credit Score Check
Your credit score plays a significant role in the interest rate and terms you can secure for your new mortgage. We review your credit report, address any errors, and work on improving your credit score if necessary.
Step 3: Comparison Of Lenders
As your mortgage brokers, we compare interest rates, fees, and cash-back offers to find a lender that suits your needs. We choose between 100+ banks, credit unions and 3rd-tier lenders.
Step 4: Gather Required Documents
Lenders will require various documents to process your refinance application. Common documents include pay slips, tax returns, bank statements, and information about your current mortgage. Be prepared to provide all necessary paperwork promptly.
Step 5: Get Preapproved
Once we’ve chosen a lender, we’ll get you preapproved for a new loan. Preapproval will give you a clear picture of the interest rate and loan amount you can afford, so you can make a final decision around your finances.
Step 6: Application
We’ll complete the refinance application and submit it to your chosen lender.
Step 7: Underwriting Process
The lender will review your application, verify your financial documents, and assess the property’s value through an appraisal. This step can take several few weeks to complete.
Step 8: Closing
Once your refinance application is approved, you’ll move on to the closing stage. This involves signing the new loan documents and paying any early-termination costs. Your old loan will be paid off, and your new loan will take its place. This is an automated process for you. We handle it all.
Why Choose our Refinacing Brokers?
Best Mortgage Broker
With hundreds of loans available in the mortgage marketplace, why limit yourself to what your bank offers? The best mortgage broker for refinancing is one that compares the most lenders and listens carefully to your niche situation. We compare a variety of home loan products from Australia’s leading lending institutions.
Keep Competition Alive
We work with multiple lenders to keep competition alive.
If Mortgage Brokers were not in business, competition and choice in the home loan industry would decline. Bank power and the risk of higher interest rates would increase, leaving Australians to pay the price.
Using A Broker
Once we’ve established which loan suits your needs, we’ll get to work on your application, complete all the paper-work and submit it to the bank on your behalf. Our aim is to save you time and stress, and to get things moving as quickly as possible so you can complete the refinance process sooner.
A Simple Way To Save
If there are savings to be made on your home loan, despite the refinancing home loan costs, we’ll help you to make the switch. Often, banks off-set this cost with a cash back offer. Why? Because the Reserve Bank of Australia (RBA) has dropped the cash rate to a record low, and lenders are currently competing hard for your business.
FAQ's Our Refinancing Brokers Get Asked
To refinance means to switch from your existing home loan product to another.
An average home loan term is 30 years. Your needs change over the years, so why should your home loan stay the same? It’s important to review your home loan to make sure it still meets your needs.
A few years into your mortgage, you may also notice better deals in the marketplace. Refinancing can allow you to take advantage of these offers.
Contact us today to see if there are savings to be made.
Refinancing home loan costs vary, depending on the T’s & C’s of your current loan.
Your current lender may charge penalty fees to switch your home loan, however this may be worthwhile depending on your reason for refinancing.
For example, any fees may be offset by the savings made on the new loan. Or if you’re refinancing to access funds for renovations or a new car, the refinancing fee may be cheaper than taking out an additional loan.
We’ll compare the value of any offers and the overall cost before assisting you to refinance your loan.
How much you could save depends on your individual circumstances. We need to look at how much you have left to pay on your loan and how long you’ve had the loan for, among other factors.
A recent RBA study found that for loans 4+ years old, borrowers are charged an average of 40 basis points higher interest than newer loans.
“For a loan balance of $250,000, this difference implies an extra $1,000 of interest payments per year,” explains the RBA.
If your loan amount is higher than the above example, or if your loan is older, then refinancing may save you even more than $1000 in interest payments each year. Contact us today to discuss your scenario and your refinancing options.
A refinancing broker researches and compares all lenders to see which will give you the best financial position when taking a home loan. They’ll negotiate on your behalf, complete most of the paperwork for you, and this service doesn’t cost you a cent. They get their commissions from the bank. They often save you money in comparison to you going directly to the lender.
We have strong relationships with more than 40 lenders. That’s hundreds of loan products!
As professional Mortgage Brokers we compare your options, provide choice, market knowledge, outstanding service and advocacy for you the borrower. Contact us today for an obligation-free quote.
Yes! You could switch to a different loan product with your current lender, but refinancing often means switching to a different bank.
We’ll assess your scenario, and then match you with the property finance product that best suits your needs.
And don’t worry about the paperwork required to make the switch, we’ll make sure the transition from one lender to another is hassle-free. Get started today.
There’s no set expectation in Australia for how long refinancing will take, and it varies between lenders, and whether or not you’re switching lenders. However, it would be a safe estimate to assume your refinancing process could take a month or so to complete.