Refinance your home loan | Albany Creek & Surrounds.
Should you refinance your home loan?
Are you unhappy with your current lender or do you want to find out if you could save more each month? If you're considering refinancing your home loan, then the first step is to ask us for help!
Once you make contact with Troy Hose, Mortgage Broker in Brisbane, he will search a wide panel of lenders to find out if there is a better interest rate or loan features available to you. As your mortgage broker, Troy will compare your current home loan against hundreds of others to see if we can get you a better deal.
To book in a free home loan health check, reach out to Troy this week.
Frequently Asked Questions About Refinancing!
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Is it expensive to refinance a mortgage?
Refinancing a mortgage can be costly, however, these costs can be recouped over time if you're refinancing to a loan with a lower interest rate.
The discharge fee will generally cost between $100-$400. The setup fees for the new loan can cost between $300-$1,000. A standard valuation fee alone can be between $200-$500.
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How much equity do I have in my home?
The simple way to know how much equity you have in your home is by calculating the difference between the current property's value and the total remaining balance to pay off your mortgage.
- Do I need a deposit to refinance my home loan?
You generally do not need to pay a deposit when refinancing your home loan, but there are a range of fees you'll probably have to pay.
You may also have to pay for LMI if the value of your equity in the property (your initial deposit, plus the sum of your principal repayments so far and any capital gains) is less than 20% of the property's value or if you're refinancing the loan to over 80% of the property's value.
If you have more questions that you would like answered, then get in touch with Mortgage Broker Troy Hose, located in Brisbane, Queensland.
Are cashback incentives worth it when you refinance?
I'm sure we have all heard of the cashback offers that banks offer to refinance, but the question most of us have is "Are they worth it?".
We explore this answer in our short video below!
In short, you need to consider whether staying on your current loan is cheaper in the long term instead of being lured by the short-term incentive of a cashback. If you would like some help with this decision, reach out to Troy Hose.
To find out if you should refinance your home loan, book a free home loan health check with us. Call Troy Hose on 0413 366 116.
We can also help you with:
- Mortgage Brokers Albany Creek
- Mortgage Brokers Eatons Hill
- Mortgage Brokers Bridgeman Downs
- Investment Loans
