You Could Be Paying More Than You Have To!
Still paying a high interest rate on your mortgage? That extra money should be yours each month. When interest rates are 1% lower than what you are currently paying, it’s time to consider refinancing. This can mean great savings for you and your family. Replacing your existing mortgage with a new, lower interest loan, changing the term of your loan, or even consolidating all your debts into this new loan will save you money, both monthly and over the life of the loan.
Through FinanceMe, we can specifically design a custom mortgage loan quote from the top Three offers from our panel of lenders. FinanceMe will do the searching around for you! Our consultants use their expertise and experience in the home loan market coupled with a unique computer software program that enables us to compare hundreds of loans in a matter of minutes
Your Mortgage Refinance Quote Features Include:
- No Credit Check – get a free quote without an enquiry on your credit file
- Customized pricing setting out all terms & conditions of each lender
- You Choose from Top Three Offers
- Detailed costing of monthly repayments stamp duty, mortgage insurance and any other fees payable.
Product Matrix:
- Minimum Refinance $100,000
- Maximum Loan Value (LVR) 95%
- Good Credit Required
- Interest only or principal & interest
- Fixed or variable
- Available for owner occupied or investment properties
- No Mortgage Insurance payable below 80% LVR
Refinancing Tips & Tricks
Save more by consolidating your finances.
Consolidating your credit cards, personal loans and car loans with your home loan could save you a small fortune in interest payments, fees and charges.
Be Aware of Costs
Of course, when there are obvious benefits to be had from a particular course of action, it is easy to forget that there are nearly always dangers inherent in taking that action. When it comes to mortgage refinance the dangers aren't as widespread as the benefits, but could still have a detrimental effect if you get your mortgage refinance wrong. Therefore it is important to be just as aware of the downsides of mortgage refinance as you are of the upsides.
When you are looking at whether or not to take the mortgage refinance option, you should first consider certain factors. If your current mortgage has a fixed rate of interest which is now far above what you would normally be paying because of a downturn in the economy, then you may have to pay break costs. Break Costs are the costs involved in paying out your fixed interest rate for the remainder of the locked in period. These costs are quite substantial if your fixed rates are far higher than the current rates
It is important to consider mortgage insurance costs if you refinance above 80% LVR and discharge fees from your old lender as these can be high if the loan is not very old.
