Loan Refinancing
Refinance Your Loan The Right Way
Refinancing can be a great way to save money and if you do it right, pay off your loan much much sooner. Where alot of people go wrong is getting caught up in the interest rate, rather than the strategy and products required to execute on your goals. 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.
We can find you a better loan with one of our 100+ Lenders
We proactively check to better your rate
With our proactive 6-monthly rate and strategy reviews you will never have to worry about being caught out. Often refinancing is reactionary when things get tight. At Evoke Captial we sit down with you to discuss your plans for today and more importantly the future to structure your loan facilities correctly with the right strategy.
How Evoke Capital Can Save You Thousands
In this video our Managing Director explains how Evoke Capital can save you thousands of dollars over the life of your loan. Life can get busy and Banks benefit from lazy loyalty.
How Refinancing Your Home Loan Can Help You
Many people think refinancing your home is simply about moving banks to a better interest rate, but refinancing can help you with a variety of financial goals.
1. Fund Your Upcoming Home Renovations
Put any of your additional home equity to work by refinancing your home loan. You could also walk away with a better home loan rate in the process.
2. Tailor the loan to benefit your situation
You may want to switch from fixed to variable or vice versa, split the loan or restructure the loan in accordance with a new wealth strategy in coordination with your mortgage broker.
3. Lower Your Mortgage Repayments
Not only can you lower your repayments but we can work with you and a lender to find the right balance for you in terms of principle and interest to help you either save in the short or long-term.
4. Consolidate Your Debt
You may have other loans such as personal or car loans at higher interest rates that you may want to consolidate to reduce your interest and simplify your finances.
5. Access Equity to Invest
At Evoke Capital we pride ourselves on improving your investments for today and the future and have many strategies and relationships to help you achieve your financial goals.
The Evoke Difference
- Advice from award-winning mortgage brokers with over 50+ years lending experience.
- Access 100+ home lenders and the best interest rates in the market at no cost to you.
- 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.
- Your own mortgage 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.