Refinancing

Is your home loan still working for you?

We can do a home-loan ‘health check’ to see if it’s worth refinancing.

Your Finance Brokers for life

Getting you a home or investment loan is where we start, making sure you’re always in the right loan is what we continue to do.

The beauty of working with us is that our service doesn’t stop once your loan has settled. Think of us as your brokers for life; to assist you with every financial milestone and to always ensure you loans are right for you. Whether this means renegotiating a lower interest rate with your current bank, or looking to potential refinance your loans if there are better deals out there for you!

Women on computer researching a variety of services offered - first home buyer, home buyer, construction loans, investment loans and refinancing.
living room with dog on its own bed. We offer a variety of services to assist first home buyer, home buyer, construction loans, investment loans and refinancing.

What you can expect from us as your Brokers for life

  • Revisiting your goals, whether it’s upgrading, downsizing, renovating, or expanding your investment properties

  • Conducting a full review of your loan and compare your current situation with the latest offers on the market that are available to you

  • Review and evaluate your interest rate with your existing lender

  • Offering you an updated property report, so you can understand its estimated value

  • If there is a better option that you qualify for, we will let you know how the change could benefit you. If you decide to make the switch to another bank, this is called a refinance.

We have access to more than 60 lenders including major banks, second tier & private lenders

So rest assured, we will find you the options that best suit your needs. Sometimes that means we renegotiate with your existing lender to give you a better (lower) rate, and other times, it means comparing options from other lenders which may be more suited.

Each lender has different application requirements, ever changing policy and risk appetites, so it pays to work with an experienced mortgage broker to find the right fit.

Man on computer researching a variety of services offered - first home buyer, home buyer, construction loans, investment loans and refinancing.

Questions?

We have answers.

Refinancing involves replacing your existing mortgage with a new one, typically to obtain better terms or lower interest rates. It works by paying off your current mortgage with the proceeds from a new loan. This new loan usually comes from a different lender.

You might consider refinancing your mortgage when interest rates have dropped since you took out your original loan, or when your financial situation has improved, enabling you to qualify for better terms. Additionally, refinancing may be beneficial if you want to change your loan term, switch from a variable to a fixed rate, or access equity for other financial goals.

As a general rule, you should review your mortgage every 18-24 months to assess whether it’s still right for you.

Refinancing offers several potential benefits, including the possibility of obtaining a lower interest rate, reducing monthly payments, changing the loan term to pay off your mortgage faster or spread payments out over a longer period, accessing equity for home improvements or other purposes, consolidating debt, or switching from a variable to a fixed-rate mortgage for stability.

Yes, refinancing can often allow you to obtain a lower interest rate, especially if market rates have decreased since you took out your original mortgage. By securing a lower rate, you may be able to reduce your monthly payments and save money over the life of the loan.

Yes, refinancing typically involves closing costs, which can include application fees, origination fees, appraisal fees, title search and insurance, and other expenses. To determine if refinancing is worth it, consider the potential savings from obtaining a lower interest rate or changing your loan term, weighed against the upfront costs of refinancing. Your mortgage broker can help you assess the financial impact.

$0. Our services come at no cost to you – This is because we are paid a commission by the bank of your choice once your loan has settled. This means you benefit from our expertise and support without an additional out-of-pocket expense.

In the (very) rare event that a fee-for-service is required, we will notify you upfront.

The refinancing process usually takes anywhere from 30 to 45 days, but this can vary depending on factors such as the complexity of your financial situation, the lender’s application processing times, and the efficiency of your documentation submission. Working with an experienced mortgage broker can help streamline the process.

Yes, refinancing allows you to switch from a variable-rate to a fixed-rate mortgage, or vice versa. This can provide stability if you’re concerned about interest rate fluctuations or if you want to take advantage of potentially lower rates with a variable-rate mortgage.

Refinancing may still be possible if you’ve had financial difficulties or missed payments in the past, but it could be more challenging. Lenders will assess your credit history, income stability, and overall financial health when considering your application. Working with a mortgage broker can help you explore options and find lenders willing to work with your specific situation.

Yes, you can refinance an investment property, but the process and requirements may differ slightly from refinancing a primary residence. Lenders may have stricter eligibility criteria and interest rates for investment property refinancing. Working with a mortgage broker experienced in investment property financing can help you navigate the process.

Refinancing can affect the remaining term of your loan depending on the new loan term you choose. For example, if you refinance into a new 30-year mortgage after having paid off 10 years of your original loan, you’ll restart the clock with a new 30-year term. However, refinancing into a shorter loan term can help you pay off your mortgage faster.

Thinking about refinancing?

We’re here to help.