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.