Loan Refinancing
Thinking about Refinancing? Don't make the mistake of not having a plan...
Refinancing can be a great way to save money and pay off your loan sooner, however it is not just about your interest rate. Your personal circumstances and financial plans for the future play a key role in how you should refinance, and to do it right, you need the right advice.
With bank competition at an all-time high, it pays to work with a proactive broker who is looking out for your best interest. Banks often offer new customers better rates than existing customers, and we call this the 'bank loyalty tax'. Our role is to ensure that this does not creep into your facilities over the life of your loan.
We do this by sitting down with our clients to discuss their plans today, but more importantly their plans for tomorrow. We do this to ensure that the we structure your loan facilities correctly with the right strategy and then align you with the right lending partner for you.
The Evoke Difference
- Advice from award-winning mortgage brokers with over 50+ years lending experience.
- Access 60+ lenders and the best interest rates in the market at no cost to you, giving you peace of mind.
- Fully digital application and approval process where you can track your loan application in real time.
- 6-monthly interest rate reviews and annual strategy sessions to provide peace of mind and keep you on track.
- Access to your own motgage broker for the life of your loan.
- 100% 5 Star Google Reviews
For more about strategic refinancing, request a call below.
Disclaimer: Subject to the lender's terms & conditions and credit approval criteria. Please ensure you seek your own personal legal and taxation advice for your situation.
Loan Refinancing FAQs
What is Loan Refinancing?
Loan refinancing involves replacing your existing mortgage with a new loan, typically to take advantage of lower interest rates, reduce monthly payments, or change the loan term. Refinancing is a way that you can save money over the life of your loan, but it is always best to seek advice from a mortgage broker on the best timing and facility. Loan refinancing can be accomplished with your current lender or a new lender.
What are the benefits of refinancing my mortgage?
Refinancing your mortgage can offer several benefits, including:
- Accessing equity to fund other investments
- Lower interest rates
- Shortening or extending the life of the loan
- Debt Consolidation
- Switching from variable to fixed rate or vice versa
How do I know if refinancing my loan is the right thing to do?
Refinancing is always worth a discussion with your mortgage broker as they can help you determine whether refinancing is best for you and your circumstances. There are times when refinancing can be right for you, if:
- There is a better interest rate with your current or new lender available on the market.
- Your financial situation has improved and you are in a better position for a better arrangement.
- Market conditions may favour variable or fixed rate.
Are there any costs involved in refinancing?
Yes there can be costs involved when refinancing your loan depending on the situation. This is why it is always best to consult your mortgage broker to take you through the potential costs and ensuring the solution has benefits that outweigh these costs.
How long does the refinancing process take?
Refinancing generally takes one to three weeks but depends on specific lenders turn around times and the complexity of the borrowers situation.