Investment

Refinancing

Home Loan Refinance

A home loan refinance is a wise way to ensure you have the most cost effective home loan solution or home loan structure in place to suit your needs at that point in your life.

With the introduction of more and more home loan providers the home loan options available to you are many and varied so it pays to do some research on which home loan may suit your needs best.

A home loan refinance may not only be driven by a home loan interest rate point of view, other reasons that you may look at a home loan refinance is that of what level of service has your existing home loan lender provided you.

This is becoming a more common reason for people to look at other home loan providers aside from the potential to save based on a more competitive home loan interest rate.

A home loan refinance should be considered as a home loan health check and should be reviewed on a regular basis to ensure you’re receiving the very best home loan for your needs.

On that note we invite you to contact us and have one of our home loan consultants discuss your options with regard a home loan refinance.

We have also listed below some key points when it comes to a home loan refinance for your benefit so please browse through this section on home loan refinance information:

How will I benefit from a home loan refinance?
What should I consider from a home loan refinance?
How long should it take for a home loan refinance?
What can AussieWise do to help with your home loan refinance?

How can I benefit from a home loan refinance?

We have already touched on some of the benefits of a home loan refinance and noted that some of the benefits of a home loan refinance are not only in the form of lowering your home loan repayments.

So we have summarised below for you some of the other benefits of a home loan refinance in the form of questions you should ask yourself and the resulting benefit of a home loan refinance based on some or all of these questions:

Am I paying too much on my current home loan?

What fees am I paying on a monthly or yearly basis and how much is the total cost on top of my home loan repayments?

Have my circumstances changed and do I require a line of credit home loan for investment purposes?

Should I consider a fixed home loan interest rate as I’m nervous about home loan interest rates rising?

Can I move to a full doc home loan as when I initially applied I obtained a lo doc home loan?

Can I consolidate other loans into my home loan to lower my repayments through a home loan refinance?

There are resulting benefits from a home loan refinance and some of these question above may apply to you so if you believe that you may benefit from a home loan refinance then contact us and have a chat with one of our home loan consultants.

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What should I consider from a home loan refinance?

If you have been thinking about a home loan refinance then you need to consider what it is you want achieve from this home loan refinance.  Is it simply a better home loan interest rate or the consolidation of other debts in your home loan?

These are some of the easier questions, what many people don’t consider are other aspects of a home loan refinance such as of break fees apply to your existing home loan.

Break fees can and do apply to the majority of home loans in the market, some vary in amount and time that the break fee applies.  Some examples of home loan break fees are below:

Home Loan break fees can apply from 1 to 5 years

Some break fees are staggered such as 1% of the home loan amount in the first year and then dropping to 0.75% of the home loan amount in the second year

Other home loan providers apply the break fee to the home loan amount at the time of discharge while others apply it on the initial home loan amount

Some home loan providers charge a flat fee for break costs and a discharge fee for example

Depending on the potential home loan interest savings it may or may not be worthwhile pursuing a home loan refinance.

Why not contact us and have a chat to one of our home loan consultants and they can assist you with the potential home loan interest savings and other home loan options.

This may help you in making a more informed decision about a home loan refinance.

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How long should it take for a home loan refinance?

The timeframe it takes for a home loan refinance will depend on a few factors but generally speaking a home loan refinance should take between 3-5 weeks from initial home loan refinance application through to home loan settlement.

Some of the factors which may impact the time it takes for a home loan refinance are summarised below:

The home loan provider may require more information from you

The valuation may take additional time if the location of the property is out of the way

There may be delays from the home loan provider you are moving away from when it comes time to discharge the existing home loan

These are some of the main factors which may delay the home loan refinance process and AussieWise is here to assist you in making the home loan refinance process as smooth as possible as we manage your expectations and prepare you from the very beginning with what is needed.

Contact us to find out more about a home loan refinance and how to best approach the home loan refinance process.

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What can AussieWise do to help with your home loan refinance?

What AussieWise can do is help you with your home loan refinance by firstly sourcing the most appropriate home loan option based on your needs and then guiding you every step of the way throughout the home loan refinance process.

We are here to help you in any way we can and will answer your questions thoroughly and promptly so you are informed from beginning to end.  Why not contact us and see how we can help you with your next home loan refinance.

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Contact us and have a chat to one of our home loan consultants about your home loan refinance.

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If you’re paying too much on your Home Loans or have other Loan commitments, then refinancing may be the way to go.

Compare our Home Loans, consolidate and refinance your current debts into one Home Loan, and you may reduce your monthly commitments. Funds can then go towards other areas like savings, wealth creation or even quality of life expenses