Refinance Home Loan
There is a lot to be gained by a refinance home loan, 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, this is the right page for you.
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 us to visit you at a place and time of your convenience.
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.
Should you decide to proceed, we will educate you on what to expect. We like to remind people that there will now be two banks 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 the refinance home loan, 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 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 little extras like bank accounts and credit cards.
We have helped a lot of people over the years, to see what they have to say, check our reviews. Generally we do not recommend a refinance if the cost of refinancing is not recovered in the first 12 months, but our average (from our 2015-16 figures) refinance home loan client saves $2,250 each year after refinancing. On a 30 year loan this is $67,500.
But that’s not all.
At Davies Home Loans 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.
With us, to solve the ‘how do I refinance my home loan’ question is as simple as we can make it.