Refinancing Your Mortgage
With interest rates still very low, you need to make sure that your existing mortgage is not costing you more than it should. It is worth considering refinancing if you want to move to a lower rate; or maybe you want to consolidate some personal loans and credit card debt to your home loan. Perhaps you want a different home loan product with more features. Whatever your reasons, The Savings Centre mortgage brokers can work through all of this with you and make an assessment fairly quickly as to whether you are best to stick to your existing mortgage product taking into account different fees to switch, or whether we can save you money and get the result that you are after. Rest assured, we are focussed on long term sustainability, not quick fixes.
The process we follow to assess refinancing is usually
Chat by phone, face to face, Skype to understand your personal financial situation.
Determine your consolidation or refinancing options based on your personal scenario including existing debt, income, expenses, employment details and of course any repercussions in terms of fees or penalties if refinancing a mortgage.
Based on the above, assess which lender’s product may be most suited to your scenario – whether it be a mainstream bank; a non-bank lender or a specialist lender.
Provide all of the available options to you and then on agreement, proceed with forming an application.
Whilst we do the majority of the application paperwork for you, we still require a range of documentation from you as a part of the application process and in order to comply with ASIC regulations. The sooner you supply ALL of the required documentation, the sooner we can get your application in to the bank.
Once we receive an approval, it is usually a short period of time to settlement.
The Savings Centre mortgage broker 3 top tips for refinancing
- When you talk to any of The Savings Centre mortgage brokers, you should never feel ashamed, embarrassed or uncomfortable talking about your financial history. We have ALL made financial mistakes. All of our mortgage brokers are here to support you and find some positive options, to relieve you of possible financial stresses and to help you set some strategies for moving forward.
- Start focusing on your big picture. What do you want to achieve financially? What are your goals? Set some financial and time targets.
- Figure out your PERSONAL PAIN POINT in relation to finance and begin with one manageable issue. If you set out to become knowledgeable about “all things money-related,” it will be too overwhelming. THREE very common ‘pain points’ that we hear regularly are: cash flow concerns, living week to week; not having enough money saved in case of an emergency and not having enough money for retirement. Where do you start? Read books and blogs; talk to professionals in these areas; attend seminars; ask questions; talk to friends that you trust and importantly – make a PLAN. The Savings Centre mortgage brokers can help you with this too.