When life gets hectic, the thought of refinancing can seem daunting. The good news? It doesn't have to be, especially with a knowledgeable mortgage broker by your side.
Refinancing not only has the potential to save you money in interest but can also be a strategic move to achieve various financial goals, from home renovations to debt consolidation or even accessing equity for significant investments.
Let's break down the steps involved in the refinancing process:
Step 1: Define Your Financial Goals
Before diving into the refinancing journey, it's crucial to understand your financial goals. Are you looking for a lower interest rate or exploring features like offset accounts and redraw facilities? Clarifying your objectives allows us to tailor our support to help you achieve them.
Step 2: Compare Home Loan Options
Researching the multitude of home loan options can be overwhelming. Instead of navigating this complex landscape alone, let us do the legwork for you. We can guide you through the intricacies, explaining which home loans may best suit your needs and helping you narrow down your options.
Step 3: Submit Your Loan Application
Once you've identified the right home loan, we'll handle the mortgage application process for you. Like your original loan application, you'll need to provide necessary documents such as identification, proof of income, home loan statements, and records of living expenses, liabilities, and assets. The new lender may also request a property valuation to determine your lending limit.
Step 4: Discharge Your Existing Loan and Settle Your New One
When your chosen lender approves your new loan, we'll inform your current lender of your plans to discharge or pay off your existing loan. Throughout the settlement process, we'll keep you informed and notify you once your new lender has settled your old loan.
Step 5: Start Making Repayments
Post-settlement, you'll receive documentation detailing the ins and outs of your new loan. Now, it's time to start making repayments. The refinancing process typically takes four to eight weeks, depending on factors such as the lender, the promptness of your paperwork submission, and the strength of your application. Some lenders may offer expedited services.
Ready to Get Started?
Refinancing might not be as challenging as it seems. If you're interested in exploring your loan options, don't hesitate to get in touch with us today. Let's make your homeownership goals a reality.