The home loan that was ideal for you back when you first needed a home loan might not be the one you need today as the market and your situations change. Refinancing is the process of getting a new loan in place of your current loan. By reducing your loan's term and your repayments, you might be able to afford to make more mortgage payments and purchase your home sooner. To better understand your needs and determine which loan options are best for achieving your financial objectives, your specialised mortgage broker can work with you.
Find out your current mortgage balance and interest rate! Checking the information on your home loan statement in your online banking is a simple way to accomplish this.
Using the Engage calculator, you can determine how much you need to borrow once you know your current financial circumstances. Remember that you'll need to borrow enough money to repay your current mortgage. If you're refinancing, you can use the funds for renovations or repairs, expansions, holiday getaways, or consolidation to help with minimising other accumulated debts. Your total borrowings will need to be inclusive of the amount determined.
You can save time, money, and hassle by using a mortgage broker. Mortgage brokers will be aware of your needs and put a lot of effort into making sure the process is as stress-free and smooth as possible while giving you access to all their listed lenders. The optimum aspect is that it comes FREE to you.
Related documentation as identified below will be needed by all banks, so it is helpful to begin compiling the following:
When your application is ready to be submitted to the lender, a valuation is ordered. A valuer will then come out and assess your home while your application is still being processed. Banks will only approve applications where they have trust in the valuer, so this step of the process must be obtained.
The financial institution (ie: the bank) has agreed to approve your new loan. This implies that your home loan account will be closed as soon as the money from your new loan is used to pay off your old loan. If you've applied for access equity, you can now access it as well if your refinancing other debts from your new loan are consolidated.
Talk to one of our available mortgage brokers or book a time that suits you. We offer virtual, phone and in-person appointments.
Book an appointment with one of our Mortgage brokers.