Home loan repricing vs refinancing
Ensuring you’ve got the best interest rate for your home loan is very important. However, your bank is not always going to automatically provide you with the lowest rate. It makes a lot of sense to review your home loan every year to check what rate you’re on, and whether there are better home loan products available in the marketplace.
My current home loan interest rate isn’t competitive
That’s where your trusted Mortgage Broker comes in. They can complete what’s called a pricing request, they arrange for your home loan lender to review your home loan and advise what the best possible rate is that they can provide for you. It’s much easier than refinancing, with much less paperwork needed to complete the pricing change.
The lender then adjusts the rate on your home loan and your repayments will change accordingly. Your Mortgage Broker can contact your lender as often as you like to request they review your current interest rate, although we recommend you do this around once a year.
I’m not happy with my current Mortgage Broker
You can choose to engage My Finance Consultants as your new Mortgage Broker.
We can conduct an annual interest rate review for all of our clients. If appropriate, we can organise your repricing or refinancing accordingly.
What if I’m still not happy with my current lender?
There are over 40 different home loan lenders in the marketplace, each of them offer a range of different home loans to suit a range of circumstances, occupations, and income situations.
Once we’ve found the right home loan for you, a refinance of your home loan can commence. To refinance your home loan, you will need to provide income verification, expenses paperwork, along with identification and a few other documents.
It’s important to note there may be fees involved in your refinance such as application fees and account closure fees. Your trusted Mortgage Broker will be able to discuss this with you in more detail before you make a decision.
Not just a better interest rate
A common reason for refinancing is to save money by securing a lower interest rate.
However, some home loan lenders are now offering to pay you thousands of dollars for refinancing your home loan, this is in the form of a cash back offer.
Not only could you get a better interest rate on your home loan, but you could also get some extra cash in your pocket too.
Ready to see if you can get a better interest rate or a cash back offer? Contact your friendly and trusted Mortgage Broker today to discuss your options.
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