Refinancing
Have you reviewed your home loan in the last 2-3 years? If not, your current loan may be costing you more than it needs to be.
Refinancing could potentially save you thousands of dollars over the lifetime of your loan.
What we Do
What is refinancing?
Why refinance your home loan?
Reduce Your Repayments
Refinancing could mean lower monthly home loan repayments and more money back in your pocket. This is because some lenders may have reduced their rates since you first got your home loan.
Switch Between Fixed & Variable
You can lock your loan in with a fixed rate for a certain period or choose to switch to a variable rate instead. A fixed rate can give you the peace of mind with guaranteed monthly repayments or a variable rate may mean lower interest rates.
Unlock Equity
Refinancing can allow you to access the equity you’ve built up in your home and put it to good use. Your equity could be used to buy an investment property, renovate your house or free up cash to purchase a car/plan a wedding/take a holiday.
Consolidate Debt
Through refinancing you can choose to consolidate your debts (credit cards, personal loans and other debts) to reduce your monthly repayments. This isn’t always the best idea. Check with your broker first.
Access New Product Features
There are hundreds of different loan types all with different features. Through refinancing you can access features that are right for your current financial situation such as flexible repayments and a redraw facility.
Release Guarantors
If you used a guarantor to obtain a home loan, refinancing can release them. It’s a good idea to remove them as soon as possible to avoid hindering their ability to invest in real estate for example.
“Great team, very genuine and knowledgeable. Am saving a couple of hundred a month compared to my old home loan with CBA.
Switching was ridiculously easy, should have done it sooner.”
– Denise Mills
How we can help you refinance your home loan
Save You Money
We could potentially save you hundreds of dollars per month by refinancing to a different lender with a more competitive interest rate.
Access To 25+ Lenders
With access to over 25 different lenders who offer hundreds of different home loan products, we’ll find the best deal for your unique needs.
Simplify The Process
We will make refinancing so easy that you won’t even need to contact your bank! We’ll take care of the whole process for you.
Review Your Loan Every 2 Years
Your bank won’t contact you letting you know there is a better deal available, especially if it’s at another bank!
Refinancing FAQ’s
What are the costs associated with refinancing?
There are some costs associated with refinancing that you need to consider to make sure it’s right for you. These include:
• Exit Fees (discharge fees, early termination fees & break costs)
• Borrowing Costs From the New Lender (loan application fees, valuation fees, settlement fees)
• Stamp Duty
• Lender’s Mortgage Insurance
Not all of these fees will apply to you. However, it is important to factor in these costs before refinancing to ensure it is worthwhile. Get in touch today to find out if refinancing makes sense for you.
What's the difference between fixed and variable rate loans?
If you have a variable interest rate loan, your monthly home loan repayments will change as interest rates change.
If you have a fixed interest rate loan, your monthly home loan repayments will remain the same even as interest rates change.
Do I have to refinance with my current lender?
There is no rule that states you have to remain with your current lender when refinancing.
Similarly, there is no rule that states you have to switch lenders when refinancing.
At Specialised Mortgage Solutions, we’ll compare your current home loan product with other products offered by your lender. We will also compare the best deal they can offer with offers from 25+ different lenders to help you choose the best home loan product for your current financial situation.
“Barry and Sasha were so easy to work with, they answered any questions we had and made the refinancing process quick and simple.”
– Heather Lean
Want to find out if refinancing is right for you?
Talk to Specialised Mortgage Solutions. Your local Orange mortgage broker.
If you haven’t reviewed your mortgage in the last two years then refinancing is an option that you should seriously consider. It could potentially reduce your monthly home loan repayments by hundreds of dollars!
With official interest rates currently at a record low, it makes sense to see if you could be saving money on your home loan.
However, there are costs associated with refinancing so before you commit to anything you should discuss your options with your mortgage broker.
Free Home Loan Health Check
To get a free, no-obligation home loan health check just fill out the form and a local mortgage broker will be in touch with you as soon as possible.