As time marches on, situations change. Things like inflation and rate changes can impact your loan. Perhaps you’ve changed jobs? Or there’s a new addition to the family? Maybe you would just like a better rate? Maybe it’s the advent of school fees, or perhaps the kids have flown the coop? Or maybe that leaking shower or tired kitchen has just reached the end of its life. A shift in circumstances may mean it is time to revisit your home finances and consider refinancing your home loan.
For many, the idea of refinancing a mortgage can be daunting. Fees, fixed versus variable interest rates and monthly charges all need to be considered. The right refinanced loan could help you pay off your mortgage faster and for less, clear unhealthy debt or help you upgrade and add value your home, all of which are steps in the right direction.
Often people find that their current lender just doesn’t care and they treat new customers better with lower rates. This is commonly known as the “loyalty tax”, the longer you stay with a lender, resulting in a higher cost. Changing lenders to become the new customer, from time to time, has the distict advantage of reseting the clock for a great rate.
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There is a lot to be gained by refinancing home loans, but also many things to consider and always in the background hidden costs that most people won’t tell you about. The good news is we are here to help you and you don’t pay us any fees. In fact, you can meet with us and we will happily guide you on how the process works to the extent that you could even walk away and do it yourself. So if you have been wondering how do I refinance my home loan, you’ve come to the right place.
What’s involved in refinancing?
As a first step we always encourage people to chat directly with their existing bank and let them know you want a better deal. It is our experience that if you have always been on time with repayments, that they will offer something better than what you have. They do this to try and keep you happy and to stop you looking elsewhere. Unfortunately this is typically only about half the saving we end up achieving for our clients. But don’t worry if life has left your past loan looking a little messy, we also have refinance home loan solutions for that as well.
The next step is to chat with us anyway, it doesn’t cost you anything and even if you are sceptical that we can get a better deal, it is well worth the discussion. Initially, we will conduct a 15-minute phone call, collecting the details of your current situation and we will book an appointment for you to come to our office.
Prior to that meeting we will research what is available that matches your situation and analyse the pros and cons of each. We will bring a comparison report of what is available to the meeting which will be yours to keep, free of any obligation. At that point you make all the decisions on whether to proceed with your refinance home loan or not.
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What’s next when refinancing loans?
Should you decide to proceed, we will educate you on what to expect. We like to remind people that there will now be two lenders involved, each with a different agenda and having a realistic time frame will help keep your stress levels down. If however there is an urgent reason for refinancing home loans, we have rapid options available.
Moving forward we arrange all the paperwork for the new bank and as far as possible we also arrange the paperwork for leaving your old bank. We ensure valuations are timely and convenient to you. We follow up approvals that are in your best interests and help with discharge paperwork for the old bank. We guide you on what changes might be needed on building insurance policies and make sure the lenders end up talking to each other to change the loan over. In most cases, we will also ensure that the new lender contacts you to arrange the included extras like offset bank accounts and credit cards.
What to expect after you refinance
At Davies Home Loans after refinancing your home we don’t stop there. We have a follow up procedure with every loan, particularly watching things over the first month to ensure the bank did everything we asked. Then each year on your loan anniversary we review your situation to ensure you still have a competitive loan. If your new lender’s rates are creeping up, we seek what is known as a retention discount (same as the first step we ask you to do before we met) and if all is OK from our perspective, we still contact you and ask if you have any aspects to discuss. In the event that we discover over time things need to change, we will contact you and let you know.
Get in Touch
Specialist refinancing loans brokers
We have helped a lot of people with refinancing over the years, and have found that it can often be a great way to get a new competitive rate or take advantage of new financing deals available. Generally we do not recommend a refinance if the cost of refinancing is not recovered in the first 12 months however our wide range of lenders allows us to find something competitive that will work with your situation.
Our Davies Home Loans team can’t wait to help you on your refinance journey by walking you through the process and allowing you to get an refinance offer that helps makes your dreams come true. Call us today or get in touch to see how you can refinance your home.
Financial Calculators
When looking to get into the property market or refinancing your home the first step is to determine how much you can borrow. Our Financial Calculators allow you to get an estimate of your borrowing power, compare loans, and calculate your potential repayments.
Borrowing Power Calculator
Determine how much you could borrow based on your income, expenses and other debt.
Loan Comparison Calculator
Enter both your current loan and the new loan amounts, interest rates & fees to compare which loan will suit you.
Loan Repayment Calculator
Calculate your monthly, fortnightly or weekly payments required to pay your loan.