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Reap the benefits of refinancing
Are you looking for a lower interest rate, better terms or more flexible features on your mortgage? Maybe your “Interest Only” term or “Fixed Interest” rate is due to expire, or you want to consolidate other debts to create additional cash-flow and savings? Whatever your reasons are, our lending specialists will discuss your requirements and objectives with you, and advise you on how you can best reap the benefits of refinancing your loan.
Discover how much refinancing can save you
Refinancing your mortgage to a lower interest rate can potentially shave thousands of dollars over the life of your loan. Our mortgage specialists will review your current loan and conduct a Cost-Benefit Analysis to determine whether it’s the right time for you to switch to a better deal without incurring additional expense. We won’t charge you to review your existing loan – it’s all part of our service! To find out how much money you could save by refinancing, talk to a lending specialist at My Property & Finance today.
Unlock equity and seize the opportunities
Are you considering tapping into your available equity to fund a renovation, purchase a car, take a holiday, consolidate debt or buy an investment property? To establish how much equity you can access, we’ll organise a free valuation for you (if required), which will help you to determine the difference between your property’s current market value and the debt secured against it.
Just remember though, having equity doesn’t automatically mean you will be able to access it! You can also expect lenders to assess your application on various factors such as employment, credit history, income, expenses and age. If you decide it’s the right time to refinance, then our dedicated loan experts will help navigate you through the whole process, and they’ll shop around on your behalf to find the best deal appropriate to your needs from 35+ industry leading lenders on our panel.
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How we can help you!
Explore the benefits of refinancing
Our loan experts will conduct a thorough cost/benefit analysis to determine whether it’s the right time for you to switch to a better deal without incurring additional expense.
Calculate potential savings
Switching to a lender offering lower interest rates and reduced fees can potentially shave thousands of dollars off the life of your loan. We’ll calculate how much you could save by refinancing your current loan.
Access your available equity
We can help you tap into your available equity to fund a renovation, take a holiday, purchase a car, or release funds for an investment property purchase.
Compare lenders and recommend a better loan
With access to hundreds of loan products available across 35+ leading banks and lenders, we’ll compare the most competitive finance options and match you with the loan that best suits your needs.
Handle the paperwork, negotiations and details
We’ll handle all the paperwork and liaise with the lender on your behalf until your refinance loan is approved. We’ll then coordinate the discharge of your loan with the outgoing and incoming lender right through to settlement.
Request a FREE Home Loan Health Check!
Don't get stuck with a sick mortgage! Call My Property & Finance on 1300 672 633 to arrange your Home Loan Health Check, or submit your details and one of our Mortgage Specialists will contact you within 24 hours (Mon - Fri).
Like to stay well-informed?
Refinancing is when you change your current home or investment loan to a new one that satisfies your current financial situation. It may involve changing your home loan product with your current provider, but since most lenders don’t tend to reward their customers for loyalty, it will often mean switching to a different lender who can offer you a better deal.
There are multiple reasons to consider refinancing. One of the most important reasons is to ensure that you have the right loan for your circumstances. Evaluating your situation frequently not only helps you stay on top of your own finances, but also gives you a better overview of the loan products currently being provided.
Refinancing your home or investment loan can be a great way to secure a better interest rate, reduce your fees or access better features. Refinancing can also allow you to consolidate debt or to access available equity to cover major costs such as renovating, property investing, purchasing a new car, or taking a holiday.
When it makes financial sense to do so. Because there are likely to be upfront fees and charges involved in switching or refinancing your loan, our lending specialists will conduct a thorough Cost-Benefit Analysis (a detailed summary of costs and savings) to help you determine whether it’s beneficial for you to refinance your loan.
In some cases it might be better to stay and negotiate with your existing lender due to the associated costs with refinancing. If this is the case, then we can also help you to negotiate with your current lender to get a better deal.
Yes. Under Australian law, banks can’t force their customers to stay with them for the life of the loan. However, your current bank may impose financial penalties for leaving, such as exit fees.
Since there are literally hundreds of loan options available to you when you refinance your loan, it’s best to investigate the market before switching loans. At My Property & Finance, we’ll do all of the investigative work for you, sourcing and comparing options to find the most competitive refinancing loan to meet your needs.
Each bank and lender has their own borrowing capacity calculator which takes into account your income, living expenses, credit card limits & all other financial commitments in order to calculate the maximum they are willing to lend you. Because they all have their own lending criteria and credit policies, the maximum money you can borrow can vary significantly from lender to lender.
It’s also worth noting that online “borrowing calculators” provide you with an estimate or a “ballpark figure” only. If you’d like a more accurate assessment of how much you can borrow from a lender based on your income and current financial situation, call My Property & Finance today to arrange your free consultation and let us do the number crunching for you!
Upfront charges and fees to take into consideration include but are not limited to, government fees, settlement and establishment fees, as well as paying the non-transferable lender’s mortgage insurance again if you are borrowing more than 80 percent of the property’s value. There might also be break costs if you have a fixed-rate loan.
If you’re considering refinancing our home loan experts will review your loan for you and tell you exactly what the fees and costs associated with refinancing your mortgage will be. In every case, we will make sure that if you choose to refinance, you will be financially better off under the new deal.