Ask Andrew - Demystifying Finance

July 10, 2015
Rachel Perry

Should I refinance? This is a question asked by many clients, especially when property prices across the Northern Beaches and Manly Warringah areas are currently so strong. Equity growth in property makes considering how to release some of the funds worthwhile. But what really is refinancing?

Put simply, refinancing lets you change your home loan to suit your changed or current circumstances. In many cases, it can often provide better opportunities.

People choose to refinance for a variety of reasons. Sometimes this is to reduce monthly repayments through taking advantage of cheaper rates or switching from a fixed to variable rate. In other cases, refinancing can allow you release money trapped as equity in your property and use it to renovate your home, to purchase an investment property or in some cases pay off debts.

Refinancing can at times result in additional costs, so the decision to do so must require careful consideration. The refinancing process is very simple and begins with a Home Loan Health Check. Drawing current options available across our panel of 28 lenders, we can consider your current circumstances against options available.

Once a new option is agreed upon, the process is simple.

  • Provide current ID and updated financial information
  • Sign the top up or new loan application we can prepare and submit for you
  • Wait for approval from your current or new lender
  • Sign the loan documents that will be sent to you

And that’s it!

If you answer yes to any of the following questions, refinancing might be the right option for you.

  • Are you dissatisfied with your current lender?
  • Do you think consolidating debts could benefit you?
  • Has your circumstances changed since you first took out your loan?
  • Are there other reasons you might like to top up your loan (purchase a car, take a major holiday)
  • Are you planning on doing any major renovations?

We are only a phone call away, so if you are considering a refinance remember... just Ask Andrew!

Posted in: Refinancing

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