Why Refinance? – Quite simply, needs change…and we get that!
There are a number of good reasons to look at your options for refinancing. It can help you secure a better interest rate, switch between fixed and variable rates, access different loan features, utilise the equity in your home or consolidate debt.
How could I benefit from refinance?
Some of the ways you may benefit from refinancing include:
- Reduced monthly repayments
- Fixed monthly repayments
- Opportunities to make extra repayments
- Consolidation of higher interest debts such as store cards, personal loans
- Access to cash via equity in your home to either reinvest, renovate or save
When should I refinance?
The home loan market is continually changing and so are your needs. We recommend getting in touch with your finance broker at least once every two years to complete a home loan health check. This will establish whether your current home loan is still suitable for you.
How does refinancing work?
Refinancing is similar to the process you went through to get your original loan, but much faster. A refinance application is submitted to the lender and once approved and drawn down, your new lender will pay out your current home loan and you commence repayments on the new loan. Your Custom Financial Solutions Finance Broker can organise all this on your behalf – so you simply relax and enjoy the benefits.
How much does it cost me to refinance my home loan?
There are a number of costs to be considered when refinancing your home loan. Not all of them may apply to you. These include: exit fees, borrowing costs and Lenders Mortgage Insurance. Your Finance Broker will be able to assess which of these may apply and work with you to get the most suitable deal for your lifestyle, rather than just the lowest interest rate.
Who can help me refinance?
The Custom Financial Solutions Finance Broker team are professional and highly experienced. Afterall, finance is what they do. In fact, we know them to be some of the best in the industry. Our finance brokers will consider your personal situation and compare various home loan options available to find one that that may be most suitable for where you are at right now, and into the future.