Thinking of refinancing your mortgage? If your circumstances have changed since you first took out your current mortgage, then now is a great time to start looking around.
Interest rates are at historic lows, and the mortgage market is fiercely competitive – lenders want your business, and they’re willing to fight for it. As well as securing a lower interest rate, newer loans may have features that weren’t previously available, such as;
- Flexible repayments
- Loan portability in case you move
- Cash redraw should you need it
- Salary crediting – having your salary paid directly into your mortgage account
- Offset account, which cuts down the amount of interest your lender charges
While refinancing can potentially save you money, you still need to weigh up the potential drawbacks and costs of doing so, as there are a range of fees that may be applicable, depending on your current loan and how long you’ve had it. And with all the new loans on the market today, it can be a daunting process finding one that suits your needs and saves you money.
That’s where LFG Loans comes in. We’ve helped hundreds of people – throughout Perth & WA – find the perfect refinance loan, saving them thousands and getting their homes paid off sooner. We’ve done it for them, and we can do it for you.
This is what you get when you work with LFG Loans:
|Save on interest with an offset sub-account|
|Consolidate an unlimited number of debts|
|Get access to redraw facilities|
|Competitive interest rates, matched to your circumstances|
So, if you think you’re paying too much on your current mortgage, let LFG Loans do the legwork in finding you a mortgage that suits your needs and costs you less every month. Request a call-back to get started today!
Further Refinancing Info
When to Refinance (Or “Refi”)
Refinancing is generally a good idea if one or more of the following applies:
- You can secure a lower rate – ideally, if your current mortgage has an interest rate 1%+ higher than the going rate, then it is worth going through the hassle to refinance
- You can shorten the length of your loan’s term, build more equity and own your home outright sooner
- You switch from an Adjustable Rate to a Fixed Rate Mortgage, thus locking in lower interest rates for the life of your loan
- If interest rates are projected to continue coming down, it might make sense to switch from a Fixed Rate Mortgage to an Adjustable Rate Mortgage
Other reasons, such as tapping into your home’s equity, or consolidating outside debt (such as personal loans, car loans or credit cards) are more nuanced and should be reviewed by a professional before going ahead.
While refinancing has a range of potential benefits, there are a number of costs as well, such as;
- Exit fees
- Stamp duty
- Settlement fees
- Valuation fees
- Discharge fees
- Application fees
To make sure that refinancing your existing mortgage is going to save you money in the long run, be sure to sit down with an expert before you borrow anything, so you can calculate the numbers together and find the best loan for you.
Refinancing With Bad Credit
It is possible to refinance with bad credit, but be aware that it’s going to be a bit tougher – lenders are going to want to see equity in your home, a stable income or any other evidence of good financial management to show that making your monthly repayments won’t be a problem.
To find the home loan that’s going to save you thousands in interest and get you owning your home sooner, talk to LFG Loans. To get started, request a call-back at a time that suits you.
Can I roll other debts into my home loan while refinancing?
Yes you can, however that doesn’t necessarily mean that you should. While you will pay much lower interest rates on a home loan than on credit cards or personal loans, be aware that you’ll be paying for those debts over a much longer period of time, and thus may end up paying more over the long term.
Does my home need to be re-evaluated?
Most likely yes, if the house value has changed then the lender will need an up-to-date evaluation.
To get started, request a call-back at a time that suits you.