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Refinancing Your Home Loan

Refinancing your home loan can offer several advantages. Whether you want to ensure your variable-rate loan is still competitive, prepare for the maturity of your fixed-rate loan, or free up cash for other projects, a Loan Easy broker can simplify the process for you.

Why Consider Refinancing?

There are several reasons to consider refinancing your home loan:

  • Secure a more competitive interest rate.
  • Tap into the equity in your home.
  • Take advantage of new loan features.
  • Combine multiple debts into one.
  • Prepare for the end of your fixed-rate term.
  • Benefit from an enhanced credit rating.

What is Refinancing?

Refinancing involves moving your existing loan to a new one, often with different rates, features, or terms. This could be with your current lender or a new one. The goal is to secure better rates, access equity, consolidate debt, or gain additional loan features. By opting for refinance home loan rates in Melbourne, homeowners will be able to plan some environment friendly upgrades for their homes. This can be anything like installing energy efficient windows or solar panels or similar kinds of green improvements that can help you get some discounts from the lenders under the ‘green loan’ category.

Refinancing vs. Repricing

When your broker negotiates a better deal with your current lender, it’s called repricing. This process keeps your lender the same but adjusts your interest rate or fees. If your broker finds a better deal with a different lender and you switch, that’s refinancing.

How to Refinance a Home Loan?

To refinance, you apply for a new loan. Once approved, you transfer your existing loan balance to the new loan with the new rate, features, and term. The process includes reviewing credit history, financial documents, and valuation of property to ensure eligibility for the new loan. To simplify the loan refinancing transition and help you save maximum out of it, your broker will guide you through the steps.

Costs of Refinancing

Refinancing can involve various costs, such as:

  • Application Fee: Charged by the new lender.
  • Property Valuation Fee: For assessing the value of your property.
  • Settlement Fee: For settling the new loan.
  • Mortgage Registration Fee: For registering the new mortgage.
  • Discharge Fee: For closing your existing loan.
  • Break Cost: For exiting a fixed-rate loan early.
  • Lenders Mortgage Insurance (LMI): If your equity is less than 20%.

Some lenders may waive certain fees or offer cashback incentives to attract your business. It’s crucial to weigh these costs against potential savings to determine if refinancing is beneficial. Your Loan Easy broker can help with these calculations.

Apart from the refinance cashback offers, your broker will also try to explore the options of tax benefits. This can work especially for those properties that have interest payments covered under tax-deductible. You will be able to have better financial planning set in place by discussing all the aspects with your broker.

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Home Loan Refinance Offers

Many lenders offer introductory rates and cashback incentives to new customers. These deals can be attractive but must be evaluated against the long-term cost of the loan. Your Loan Easy broker will consider the overall loan structure, features, term, fees, and ongoing rates to find the best option for you. Moreover, changes are there that your broker may have access to exclusive deals which may not be available on public platform. Getting accessing to them will help you save big on your loan.

Why Use a Loan Easy Broker for Refinancing?

Navigating the loan market can be complex, and not all loans are created equal. A proactive approach with your current lender or exploring refinancing options could save you money and provide a loan better suited to your needs. Regardless of interest rate trends, lenders are eager for your business, and attractive options may be available.

A Loan Easy broker can handle the heavy lifting for you. After a brief discussion about your needs, your broker will:

  • Evaluate Your Financial Goals: Ensure your loan aligns with your objectives.
  • Compare Rates: Find more competitive deals.
  • Assess Loan Structure: Ensure it fits your needs.
  • Identify Discounts and Deals: Highlight potential savings or cashback offers.
  • Optimize Savings: Look for ways to reduce your home loan costs.

Your broker will ensure you get the best out of your financial decisions by keeping you informed about rate changes and market trends.

With a Loan Easy broker, you can navigate refinancing with confidence and ease, ensuring you find the best loan for your situation.

How can we help you?

I want to purchase a home
I want to refinance

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