Get your ducks in a row with our 6-point check for refinancing your home loan.
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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.
This information is current as at 17/07/17
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