What Does It Mean to Refinance Your Home Loan?
Refinancing generally means replacing your existing home loan with a new loan, either with your current lender or with another lender.
The new loan may have a different:
- Interest rate
- Loan structure
- Repayment arrangement
- Loan term
- Features
- Fees and charges
WHY CONSIDER REFINANCING?
Has Something Changed Since You Took Out Your Loan?
There can be many reasons someone considers refinancing.
You may want to explore whether a different interest rate or loan product is available.
Perhaps your income, expenses or overall financial position has changed since you originally arranged your loan
Your current loan may not provide the features or flexibility you now want.
Your priorities may have changed. You might now be focused on paying your loan down faster, managing cash flow or planning for another financial goal.
If the value of your property has changed and you’ve reduced your loan balance, your overall lending position may also be different.
Depending on the lender and your circumstances, refinancing may sometimes be considered as part of a debt-consolidation strategy.
REFINANCING PROCESS
A Clearer Way to Review Your Home Loan
01-Tell Us Where You Are Now
We'll start with your existing loan and your current circumstances.You don't need to know exactly which lender or loan you want.
02-Tell Us Where You Want to Go
Are you looking for a better rate? More flexibility? A different loan structure? Access to equity Understanding your goal helps us look at the bigger picture.
03-Review Your Options
We'll help you explore the relevant options and understand the important differences between them. This can include rates, fees, features, loan terms and other relevant considerations.
04-Compare the Overall Cost
Refinancing can involve costs. We'll help you consider the potential savings and the costs involved so you can make a more informed decision.
05-Apply and Move Forward
If you decide that refinancing is right for you, we'll guide you through the application process.
The relevant lender will assess your application against its lending criteria.
What Does Refinancing Cost?
Before making a decision, it’s important to understand that changing your home loan may involve costs.
Depending on your existing loan and the new loan, these may include:
- Loan discharge costs
- Application or establishment fees
- Government or registration charges where applicable
- Break costs in certain circumstances
- Other lender fees
FAQ
Frequently Asked Questions About Refinancing
Refinancing generally involves replacing your existing home loan with a new loan, either with your current lender or another lender.
People may refinance for different reasons, including exploring a different interest rate, changing loan features, restructuring their loan, accessing eligible equity or consolidating eligible debts.
No. Refinancing can involve fees and other costs. The potential benefits need to be compared with the costs involved.
Not necessarily. Depending on your circumstances, you may be able to change your loan with your existing lender or move to another lender.
The timeframe varies depending on the lender, application and whether all required information and documentation are available.
Find Us
- info@wahidafinance.com.au
- 0405 066 499
- Barcoo Drive Logan Reserve, QLD 4133
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