The Mortgage Agency
Home Loan Refinancing
If you took out a home loan a number of years ago, there’s a good chance your financial situation has changed since then. Perhaps your repayments are getting too steep to manage, or you’re thinking about consolidating your debt entirely. There are various reasons why people choose to refinance their home loans, and The Mortgage Agency has helped many do so successfully.
Why People Are Refinancing Their Home Loans
Home loan refinancing means changing your current loan to a different one. It can be done through your existing lender, or you can transfer to a new one.
Here are some of the things you can change when you replace your home loan:
- Interest – When you took out your home loan, you might have chosen a fixed interest rate. Since then, the cash rate could have dropped significantly, meaning you’re paying a lot more than necessary. Refinancing could lock in the new interest rate.
You may also want to change from a fixed rate to a variable rate home loan or vice versa. A home loan with a variable interest rate generally comes with additional loan features that you may find useful, like an offset account or redraw facility.
- Loan term – If you want to decrease your monthly repayments, you can refinance your home loan over a longer term. Although this can be more expensive in the long run because of the interest, it provides financial relief thanks to lower monthly commitments.
- Increase your loan amount – Instead of taking out a personal loan, it’s often more feasible to increase your home loan amount and take the money from there instead. Home loans generally have a lower interest rate, so not only will this option save you money, it will mean you only need to keep track of one repayment.
If this is something that could be of value to you, contact our mortgage brokers and get started today!
How The Mortgage Agency Can Help
Our brokers are extensively qualified and have many years of experience working specifically in home loan refinancing.
If you’re considering switching home loans or looking to refinance, we can take a look at your existing home loan and help you establish the best way forward.
We’ll discuss all the products and features available to you, provide insights into whether a variable or fixed rate mortgage is better, and help you through the application process. We will also provide advice on whether your current lender or another one is recommended.
The Mortgage Agency is dedicated to securing the best deal for our customers, so we negotiate the best interest rates and fees with lenders on your behalf.
Here’s what our friendly team will assist you with as you work through the process of refinancing your home loan:
|Decide What You Want Out Of Refinancing||Calculate Your Home Loan Costs||Apply For Your New Home Loan||Approval and Settlement|
|You need to know what you want to get out of refinancing to decide on which home loan you should choose. We’ll help you choose between a variable or fixed interest rate and identify the features available as a result. This information will help us identify the lenders who can offer you the best deals.||We’ll help you determine if there are any exit fees or break costs payable to stop your current home loan. Then, we’ll look at things like lenders’ mortgage insurance and registration fees. It’s essential to calculate all the costs involved in home loan refinancing before going ahead, especially as there are upfront fees involved. You will also need to determine whether you can afford these fees or not.||As soon as you’re certain about the type of home loan structure you want, we’ll help you with your application submission. You’ll need to gather all the standard required documents, as you still have to meet the lending criteria. Applying for a home loan refinance isn’t necessarily a faster process than applying for a brand new home loan.|
Once your new home loan is approved and you’ve signed the contract, settlement occurs. Your old mortgage will be settled in full from the new home loan. We’ll submit your Discharge of Mortgage forms to close the account of your previous home loan.
We’ll then supply your new contract with the direct debit form that states which account your mortgage repayments will be drawn from.
Ready to make the move? Try our FREE online mortgage switching calculator.
Are You Refinancing To Access Your Home Equity?
How much equity you have available depends on how much you have already paid off on your home loan and what the valuation of your home is at the current market . If you have a substantial amount of home equity, refinancing will allow you to release that money as a loan, and your property will act as the loan’s security.
Many people go this route rather than taking out a new loan entirely, because the interest rates of a secured home loan are much lower than those attached to a personal one.
At The Mortgage Agency, our home loan specialists deal with home equity loans often. In order to determine how much your equity amounts to, you’ll need to have your property re-evaluated – we can assist with this process.
If you only have a small amount available, we can still provide assistance. We have many tips and tricks to help you reduce how much you owe the bank, and increase the value of your property.
We’ll help you save money on refinancing your home loan – contact The Mortgage Agency today!
At The Mortgage Agency, we care about our customers. We are committed to giving each and every person outstanding customer service and negotiating the best possible fees and rates.
We don’t believe in a one-size-fits-all approach, and consider each customer’s financial situation in isolation. We provide specialised advice that meets you where you’re at and can assist you in reaching your goals.
From lenders to real estate agents, we have a large network of professionals that we work alongside to ensure the best results for each customer.
Contact us now for no-obligation advice on kick-starting your home loan refinancing process.
Why A Mortgage Broker Can Be Helpful
Take note that lenders don’t necessarily advertise the more flexible lending criteria or additional benefits that law professionals enjoy publicly, unless they’re asked.
Our brokers from The Mortgage Agency are home loan experts, so not only can we advise professionals on what they may be eligible for, but we have relationships with major lenders. Our mortgage brokers know which lenders offer the best LMI savings to lawyers, and can do any necessary negotiations for discounted interest rates on your behalf.
We also know how demanding a career in the legal industry can be, so we’re here to take care of all the nitty gritty so that you can focus on your clients. We can meet you wherever you’re at, and explain everything in as much or as little detail as you prefer.
Our home loan experts have the experience to ensure you get the best value for your money.