There has never been a better time to consider a mortgage refinance. Official cash rates are very low which means that there are many bargains out there to be had. All the major lenders have a great deals on offer and are competing for your business.
A mortgage refinance can apply to all types of loans, including construction loans, commercial loans, and property investment loans. In addition, you can make great use of the process and consolidate your debts into one loan. This has the potential to save you thousands of dollars in the long run because you’ll never get a cheaper interest rate than your mortgage interest rate.
Our service includes carrying out analysis on your existing mortgage (or commercial loan, investment loan, etc.) and using our knowledge of the market and find you a better deal.
There are other factors to consider when looking at refinancing – sometimes it is not just the rate that matters;
- You’re unhappy with customer service at your current institution
- Switch to a product with improved features
- Your financial situation has changed significantly, e.g. loss of income or change of income levels
- Consolidate debts, e.g. credit cards, personal loans, car loans, etc. (note that you need equity to do this)
- Make use of equity in your home (or other security) to carry renovations, extensions, etc.
- Or use the equity in your security to invest in other property
- If interest rates are low, then it could be a good idea to refinance and convert your mortgage to a fixed rate.
- Simply perform a health check on your financial situation
Remember, the goal of a mortgage refinance is to improve on the situation you are currently in. After we’ve done our analysis, if we find that we cannot get you a better deal, then we will be straight up and honest with you and advise you of the case.
It is worth mentioning that sometimes it is not appropriate to refinance a loan. Situations can occur that make refinancing either too expensive or a waste of time.
The following are some examples of when you might not want to do a refinance;
- If you are near the end of the term of your loan you may want to wait until your loan is completed
- The costs of exiting your current loan and the costs of a new loan may out weigh any benefit
- You are thinking of selling your property or security
- Your income might be unreliable or changing shortly
- Your relationship with your current lender maybe worth considering
We have many years of experience and a short consultation will help us determine if you are in a good position for refinancing.