Refinancing your home is a strategic financial move that involves replacing your existing mortgage with a new one. This process typically aims to secure better loan terms, reduce monthly payments, or access the equity in your home for other financial goals. Whether you’re looking to lower your interest rate, change your loan type, or consolidate debt, refinancing can offer a range of benefits that improve your overall financial well-being. However, it’s crucial to carefully evaluate your options and consider your long-term financial objectives before embarking on the refinancing journey. Read on for more information relating to home loan refinancing.
Can I borrow extra to renovate?
The short answer is yes, as long as you meets the serviceability and loan-to-value ratio. Accessing equity in your home depends on the value of your current property and your available household income to make repayments.
Am I eligible to refinance?
Eligibility is based on property value, type and income but also extends to what you intend to use the extra cash out for. Often refinancing your loans can be used for renovating, purchasing an investment property, purchasing a car or consolidating debts such as credit cards and personal loans. If you’d like to check your eligibility, please contact us for a review of your finances.
What documents do I need to provide?
When applying for a mortgage refinance, be prepared to provide key documents, including identification, pay slips, tax returns, bank statements, and your credit report. These documents help lenders assess your financial health and determine your eligibility. Make sure to have everything organized and ready to streamline the process and secure the best terms for your new loan. Your path to a better mortgage starts with good documentation!
How much can I save?
The best approach is to speak to one of our brokers who will be able to ascertain how much you’re able to save by refinancing your home loan. We have calculators that will provide you with the EXACT dollar savings – especially if you are looking to consolidate other debts (i.e. car loan, credit cards) into your home loan.
Can I do debt consolidation?
Absolutely! Debt consolidation is a great way to save money and streamline your finances. Remove multiple payments and enjoy simplicity by merging your debts into one manageable monthly payment.