Refinancing
Already have a home loan? Things in life change - including your interest rates, circumstances and financial goals. Refinancing could save you money, or allow you to access funds when you need them.
Why Refinance?
There are many reasons to consider refinancing your home loan. Let us walk you through the key benefits.
Lower Your Interest Rate
Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
2. Free Up Additional Money
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
3. Gain Additional Features
Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
4. Debt Consolidation
If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
Reasons to Refinance
If it's been over a year since you last compared your home loan, now could be the perfect time to explore your options. By switching to a new loan, you can leverage your increased equity to secure lower interest rates and reduce fees.
Your Equity has increased
If you've been consistently making your loan repayments, your property's equity has likely increased. This growth in equity could make you eligible for a loan with a lower interest rate, helping you save on your monthly repayments.
Your Credit Score has improved
If your financial situation has improved since you first applied for your loan, your credit score may have increased, opening the door to a wider range of loans with lower interest rates.
Your Fixed-rate is expiring soon
If your fixed-rate loan is expiring soon, now is the perfect time to explore your options. When a fixed rate expires, it often defaults to a standard variable rate with your current lender—potentially not the most competitive option available.
The Refinance Process
Refinancing your current mortgage can be a straightforward process with the help of a mortgage broker. A broker not only guides you through each stage but also simplifies the paperwork and negotiates on your behalf.
1. Get In Touch
Start by reaching out through our Contact Us page. We’ll then arrange a consultation to gain a clear understanding of your financial situation and current mortgage details, including exit fees and your existing interest rate. This helps us identify your refinancing needs and goals.
2. Compare With Other Lenders
Once we have a clear picture of your situation, we’ll compare your loan with those offered by over 60 lenders we are accredited with. We’ll provide you with a list of tailored recommendations, which may even include negotiating with your current lender to secure a better deal.
3. Take Action
Once you’ve made an informed decision, we’ll begin the loan application process on your behalf. This may involve renegotiating terms with your current lender or applying with a new lender that better suits your needs.
Contact us.
We’re ready to help you achieve your financial goals.
Get in touch with us today!
📞 Phone: 0433 816 137
✉️ Email: David@AFGLimited.com.au
📍 Address: 205 Port Rd, Hindmarsh SA 5007