Home Loan Refinancers
Reasons to look at home loan refinancing
Life is full of constant changes, it’s important your home loan fits in with your life and not the other way round. If your home loan hasn’t kept up to speed with you, maybe it’s time to refinance.
Chances are refinance could suit your needs better, not to mention potentially saving you thousands of dollars over the life of the home loan.
To have a better idea of what’s involved in refinance, read these online notes. If you need any more help, just ask.
If you’ve had your current home loan for 3 or more years, why not review it online to see if it stacks up to your needs today? It’s worth asking yourself; what are your needs right now?
We’re thinking of renovating and refinancing
Want to renovate but don’t have the cash on hand? You may be able to get additional funds by accessing the equity you have in your property by refinancing. Another way of refinancing is by changing your home loan from principle principal and interest to interest only, so that way you only pay interest on the loan money you use.
I’m looking for a competitive rate
Finding a more competitive interest rate is a great reason to refinance. Do your sums first to make sure that fees and charges don’t erode your gains. By doing your research, you might find the best home loan rate and terms that suits your needs.
Time to consolidate my debts
Like to save big time on interest payments? Silly question. Why not consolidate your credit cards, car loans or personal loans into your home loan? There may be a facility that allows you to do it with your current home loan or via another lender. The overall interest rate will be much less so you could save thousands of dollars.
It’s more convenient as well. Instead of making multiple repayments there’s only one single, regular loan repayment – much easier.
I just want to be sure
There’s nothing wrong with giving your home loan a “health check.” Taking a look at your home loan periodically is always a good idea, even if it may still be working very well for you. If it doesn’t meet all your current needs or you’re paying for features you don’t need or use, maybe it’s time to look at refinancing.
There have just been some big changes in my life
The longer you’re on the planet, the more you know how life can change, sometimes overnight.
The birth of a baby, marriage, separation, re-marriage, an unexpected pay rise, or you may decide to start your own business.
These are perfect times to review your current home loan and see how refinancing could produce a loan that works harder for you now.
Thinking of refinancing?
You can be preapproved in just under 2 minutes. Get preapproved today!
What will it cost me to refinance?
Refinancing your home loan can save you lots of money, however, there may be some upfront costs you need to budget for. You need to weigh up the short-term pain for the long term gain.
Fees may include:
- Exit fees
- Establishment /application fees
- Loan approval fees
- Settlement and handling fees
- Additional mortgage stamp duty (if you increase your current home loan)
- Mortgage registration (to let the State Titles Office know you’ve changed either your home loan provider or type of home loan)
Here’s a list of the sorts of things you need to provide.
To see exactly what’s required for the different loans use our application checklist.
What documents will I need to apply for a home loan?
What do I need to tell you in the application form?
- Name
- Date of Birth
- Spouse’s name
- Drivers licence
- Address
- Number of dependants
- Total value of your assets
- Total value of your liabilities (personal loans, credit card debts etc)
- Occupation
- Current place of employment, length of time working with current employer
- Employer’s contact details
- If you’re self-employed, how long have’ve you been self-employed
What ID do I need?
You need to choose two documents from the below list, at least one from the A list. A referee then needs to certify the documents and verify your identity. Alternatively we can send someone out to complete your ID.
- Birth certificate (A)
- Current passport (A)
- Driver’s licence or Proof of Age Card (A)
- Citizenship certificate (A)
- Bank statement (B)
- Current pension card
- Water rates or Council rates notice
- Landline telephone, gas or electricity notice
- Government financial benefit notice
List of referees include:
- Solicitor or Barrister
- Justice of the Peac
- Police officer
- Agent in charge of, or permanent employee with 2 or more years of continuous service with the Australia Post.
- An officer, or authorised representative, who holds an Australian Financial Services Licence, having 2 or more continuous years of service with one or more licensees
- An accountant who’s a member of the Australian Institute of Chartered Accountants, CPA Australia or National Institute of Accountants
Other Questions?
What about salary information?
Group Certificates or tax returns from the past two years.
Two recent payslips or a letter from your employer stating your annual gross income, term of employment and salary so far this year.
What about fees?
If applicable we will need details of the account you’ll use to pay the valuation fees.
Anything else?
If you are a sole trader you’ll need: Personal tax returns from the past two years including your profit and loss statements, balance sheets and ATO Notice of Assessment.
If you run a business you’ll need: Personal tax returns, business tax returns from the past two years and business financial statements.
Anything else?
Loan statement for the past six months.
How about my solicitor/conveyancer details?
We need details of anyone acting on your behalf.
*Conditions, fees and charges apply.
Your future starts
with a new home
Most of us have aspirations of moving somewhere bigger and better yet are often uncertain how we are going to get the home loan finance. PreApproveMyLoan is here to both pre-approve your loan and find the best new home loan that suits you. PreApproveMyLoan is here to help demystify and explain all aspects of home loans and loan products so you can make the right loan decision.
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