Refinancing can be used to reduce weekly repayments, reduce your interest rates, release cash or restructure your loans to right way.

The process of refinancing is simple. However, in order to get a great refinancing deal it makes sense to use a mortgage broker. Home Loan Warehouse has a growing panel of lenders so rather than shop around going from bank to bank all you need to do is make one call to us and have one meeting. It is that simple. We can even conduct the meeting by phone or video conference for those who are busy, work long hours or just find that this is the most efficient use of their time. We do this because at Home Loan Warehouse it is all about you and fitting in with what you need. Call Don Nicolussi at Home Loan Warehouse.

The most common reasons customers want to refinance:

1. You know that you are probably paying too much with your current lender and home loan
2. Your circumstances have changed and you are now eligible for a better rate or deal
3. You need a different type of loan because your old loan does not fit with your lifestyle
4. You want to pay your loan off sooner and a cheaper rate will help you do this
5. You want to invest but the current loan does not allow you to maximize your borrowing capacity as an investor
6. Access some of the equity in your home to pay off “bad debt” as fast as you can or consolidate your debt
7. Refinancing to invest in residential property or commercial property
8. Refinancing to invest in a niche area such as a National Rental Affordability Scheme (NRAS) property or NRAS property inside your self manager super fund (SMSF)
9. Refinancing to invest in a small business or franchise in the Maitland area
10. Your home has appreciated in value and you want to establish a line of credit but found that your bank is charging a heavy rate loading on top of the standard variable rate for this facility
11. Restructure your finances so they are more tax effective and easier to manage at tax time

What are traps when consolidating or refinancing?

Consolidating your debts will in most cases significantly lower your monthly repayments. However, it is important to make sure that you do not end up paying more in the long run.  This may happen if you extend the term that you repay the debt over to reflect the length of your home loan.

Consider the fees. Your broker will present you with a proposal that outlines all the fees charged by the bank/lender and help you determine if refinancing is right for you.

What will my Home Loan Warehouse mortgage broker charge me to refinance ( is it true you do not charge fees)?

Home Loan Warehouse mortgage brokers do not charge fees to customers when refinancing. Many mortgage brokers do charge customers fees (particularly) for a loan below $350,000. All mortgage brokers receive a fee from the bank or lender and we feel it is not appropriate to get paid twice for the same work.

When you refinance your broker will present you with a quote which details the fee the broker receives from the bank and even how that fee compared to other banks. You will find that most banks offer a similar fee structure to brokers and there is a very small difference between lenders. Specialist loans have different fee structures.

What about refinancing a commercial property or large commercial finance

Commercial Finance at this level requires a specialist. If you have a large commercial finance deal or you are looking to refinance a commercial loan contact Don Nicolussi of Home Loan Warehouse. Don will have an initial fee free conversation with you to determine which finance professional on the commercial finance team would be best suited to help you. NB. Commercial Finance does attract a brokerage fee which will be discussed prior to your formal application.

How long does it take to refinance my property?

Many lenders and banks quote fast refinance turn-around times but it is important to note that processing by the bank will vary depending on the volume of loans they are processing. It then makes sense that in times of discounting, low interest rates and special offers processing times may increase.

What can I do to speed up the refinancing process?

Your mortgage broker will give you a list of document that you need to supply. You broker will examine these and after the process of determining which products are best and making recommendations these source documents will be sent to the chosen lender.

Tips:

• Supply all requested documents in full and at one time
• Make sure you are realistic about the value of your properties
• Note that while the lender is waiting for information from you they will in most cases stop processing your loan and work on other loans
• Make sure you tell your broker in advance about any difficulty you have had in the past paying back a debt or consumer account
• Reduce the number of application you make for credit
• Reduce the number of unused credit facilities you have and reduce the limit on credit facilities if it is in excess of your requirements