Refinancing Your Home Loan
Refinancing is when you take out a new loan to pay off your old one. This may free up capital for renovations or even a holiday.
And while it sounds simple to refinance and pay off your home sooner, there are some things to consider.
Here are some words of wisdom from the team at Real Simple Home Loan before you make the switch!
Compare the Costs of Switching Your Mortgage
Switching lenders isn’t just a case of flicking a switch. There may be costs involved in closing your current loan early, plus application fees and more with a new lender. So start by:
The Money Smart website has more things to consider when switching lenders.
Calculate Your Refinancing Savings
Use the Real Simple Home Loans calculator to see how much better off you can be through refinancing your mortgage.
We’re Here to Help
At Real Simple Home Loans, we can help you refinance for a better deal. Check out the options on our website, and contact us to discuss refinancing, fees and more.
We make the refinancing process real simple.
Before You Decide to Switch
Making changes to your mortgage is a big decision, so you’ll want to be sure you’ll be better off when you do. Here are some things to consider before making the switch.
If you wanted to, you could refinance your loan as soon as your property settles. However, there’s every chance the cost and fees may be prohibitive, and the advantages may be minimal.
One of the big things taken into consideration when refinancing is the equity in your home, if you refinance soon after settling, the equity may not have improved much.
There are really no restrictions on the number of times you can refinance your loan.
Your personal circumstances may change many times in your life, which would then benefit you from refinancing. For instance:
Just remember, each time you refinance, you will have to meet the credit requirements of the bank. Bottom line? If there is a significant change in your personal life and therefore your finances, you should consider refinancing.
Yes, you can. In fact, a good question to ask your current lender is: “I’m considering refinancing with someone else. Can you make me a better offer?” Banks like to keep customers, so they might just offer a better deal to keep you.
Also, if your current lender has a new, better product, certainly ask to change. They would rather keep you as a customer.
And if you do refinance with your current lender, ask them to waive any fees!
Access the right home loans without moving mountains
It’s simply easier
As truly independent brokers, we have the flexibility to shop around (on your behalf) to find the loan that best fits your situation and lifestyle.
It’s simply faster
Because we aren’t governed by the red tape and fixed process of bigger institutions, we can be a lot more flexible, so you get approvals faster.
It’s simply smarter
Our smart online systems not only cut down on time and paperwork, but they also make the process a lot more enjoyable. Sorry banks!
It’s simply better
With the launch of Real Simple Home Loans, a better way to home loan. you now have a real choice. Work with us and get real solutions, real fast. It’s simply a better way.
Refinance FAQ
Simple Questions, Simple Answers
Yes, you can. Keep your current lender on its toes by asking what they will offer you to keep you as a customer- lower fees, better interest rates and so on. Banks are always keen to keep their customers and can be quite generous with discounts. Hard to believe, but true!
Refinancing is where you take out a mortgage, to pay out your current mortgage in full.
Often this is done because another mortgage product has better interest rates or features that your current lender doesn’t offer.
Apply for the new loan, as per normal. Make sure your credit checks out, you have the deposit, and the equity in your house is strong.
It’s a good idea to get a conveyancer involved to help you understand the paperwork and hoops you may have to jump through.
Real Simple Home Loans offers more than just home loans. Our highly experienced team can talk you through home loans, refinancing, and anything else to make buying your home real simple.
Email or call us, and let’s have a chat.