Get your ducks in a row with our 6-point check for refinancing your home loan.
Talk to Us
It’s easier, It’s fast, It’s more than just loans & It’s all about you.
We start by meeting you at a time and place that suits you – at home, at work or over a coffee; during the week, at night or over the weekend – we’re always flexible. We’ll look at your current loans and financial circumstances and then research and find the right solution for you. We take care of the paperwork, manage the application process and then take it through to settlement.
We can get things moving quickly. We’ll work with our lender networks and contacts, securing your finance as fast as possible.
Lenders will ask you to take out insurance on your new property. We can help you arrange cover to keep the approval process moving quickly and hopefully save you some money.
We work for you and not the bank. We get to know you personally to understand your unique circumstances. From our experience, we know which lenders will have the product that will meet your needs. And we negotiate for what’s right for you, not what’s right for the lenders.
Cut back non-home loan debt
Your new lender will want to see that you can comfortably meet the repayments on your new, refinanced home loan. Aiming to cut back credit card debt or personal loan balances will free up income to help you manage the refinanced loan. We can assist you to see how repayments on other types of non-home loan debt can impact your likely loan size.
Consider how much you can comfortably repay
In some cases, refinancing will mean taking on a larger loan, and your new lender will want to be sure you can comfortably manage the repayments. Look at your likely repayments for a variety of loan sizes, rates and terms to get an idea of what you feel comfortable with. This will provide a better idea of how much you should apply to borrow.
Prepare your home for valuation
Your new lender will want to have your home valued prior to refinancing your home loan. If this is the case, treat the valuation a bit like an ‘Open Home’ inspection. Complete those niggling minor repair jobs you’ve learned to live with; consider giving the place a fresh coat of paint; and tidy up the front garden and entranceway – first impressions count.
Consider why you are refinancing your home loan
Have a think about your motivation for refinancing your home loan. Many home owners use refinancing to fund renovations or the purchase of a new car, but whatever the reason, your bank will be keen to discuss whether refinancing your home loan is the best strategy for your needs. In some cases, refinancing your home loan may not be a suitable choice. Again. Talk to us as we can give you appropriate advice to you on this.
Take the opportunity to explore new options
Refinancing your home loan is the ideal opportunity to take stock of your current loan; Together, we can see what’s available and weigh up each option and the features they offer. Circumstances change over the time, and the loan that was best suited to your needs when you purchased your home may no longer be right for your present lifestyle.
Disclaimer
This information is current as at 17/07/17
This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.
