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Marvin Coleman

Mortgage Refinance Expert - Oakleigh, East Malvern and South Eastern Melbourne

Why is everybody talking about Refinancing?

Refinancing your home loan means taking your existing mortgage to a new lender, presumably because they offer better terms. 

This may be as simple as a better interest rate.  There may be other factors that can benefit you too - such as an instant cash back offer or change to your repayments type (switching from interest only to principal and interest repayments) or loan structure (including an offset account against your loan).

Refinancing will continue to be a hot topic in 2024, as many borrowers are coming to the end of a fixed interest rate period on their loan.  Fixed rate loans were popular during the uncertainty of COVID.  Those borrowers have been lucky, as they've been shielded from recent rate rises. 

Typically, a fixed rate loan will simply change to a variable rate loan at the end of the fixed rate period.  

Our job is to see if we can help you find a better mortgage or home loan, in anticipation of the fixed rate expiry.

We will look across over 35 lenders and 100's of products, to find the best home loan or mortgage for your life and financial circumstances.

 

What's the Fixed Rate Expiry Cliff?

It's estimated that one in three Australian mortgage holders are currently on a fixed rate, which will expire in 2023 or 2024.  That's a lot of borrowers!

Some borrowers will simply let their fixed rate loan slide to their current lender's variable rate.  This is unlikely to be the most competitive terms on the market.  

We hope to help many of these borrowers review their loan and, if appropriate, refinance it to a new lender as soon as the fixed rate expires.  This could potentially save thousands of dollars each year for these borrowers.  

 

What's the "loyalty tax"?

A "loyalty tax" is when it costs you more to stay with your existing provider than to change to a new one.  This can apply to your gas and electricity, to your mobile phone and internet....and certainly can apply to your mortgage and home loan.

We like to think loyalty is rewarded; in a competive market like the mortgages and home loans market, it pays to shop around.  

That's our job - we will search across over 35 lenders and 100's of products, to find the best home loan or mortgage for your life and financial circumstances.

Our services are free to you; the Lender pays our fee.

 

Why are you a Refinance Expert?

I'm Marvin Coleman.  I'm a Chartered Accountant and have been in finance for over 25 years.  I've been a Mortgage Broker for 15 years.  I was awarded Victoria's Best Mortgage Broker in 2021 by Adviser Magazine (and my mum).  I'm a "Top 100" Mortgage Broker in 2023...that's from around 17,000 brokers in Australia.

I've helped many, many clients secure the best mortgage or home loan for their needs.  I'm a Mortgage Expert and a Refinance Expert.

I'd love to help you too, particularly if we can find some savings for you!

 

What do I do now?

 

Book a 15 minute Zoom with me now.  We'll quickly work out if there's a better home loan out there for you.

 

 

 


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