Refinance
What is Refinancing?
Refinancing is the process of getting a new loan to replace an existing loan. It can help you save money by getting a lower interest rate or changing the terms of your loan.
Make the right choice when selecting a home loan and other financial products to attain the financial freedom you desire. If your objective is to pay off your home loan and eliminate repayment stress, consider refinancing your mortgage to quicken the process. This way, you can achieve your goal of financial freedom with ease.
Reasons to Refinance
Lower interest rates
If interest rates have gone down since you took out your loan, refinancing could help you secure a lower rate, which would reduce your monthly payments and the overall cost of your loan.
Accessing equity
If you have built up equity in your home, you could refinance for more than you currently owe and receive the difference in cash, which could be used to pay off high-interest debt or make home improvements
lower monthly payments
If your current monthly payments are too high, refinancing could help you secure a lower payment by extending the term of your loan
RENOVATING
If you’re considering a renovation, there’s a chance that your property now has additional value (equity) that can be utilized. If your property’s value has increased or if you didn’t use all of the available value during your initial borrowing, you may be able to unlock this extra equity to finance your renovation
consolidate debt
You could have multiple debts and want to simplify your finances. Consolidating your debt into one loan with a lower interest rate, could save you money and simplify your payments
change in loan type
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Benefits to having an Offset Account
Having a Home Loan Offset Account is a great way to save money and pay off your home loan faster
FLEXIBILITY
You can access the funds in your offset account at any time, providing you with flexibility and control over your finances
SAVE ON INTEREST
You can slash the amount interest that you are paying to the bank, simply through having an offset account
POTENTIAL TAX BENEFITS
Unlike the conventional Savings and Term Deposit accounts, where you pay tax on the interest your earn, there is no tax payable on the interest savings in an offset account.
PAYS YOUR LOAN FASTER
By reducing the interest payable on your home loan, you can pay off your loan faster and potentially save thousands of dollars in interest payments.
Home Loan Features
A home loan, also known as a mortgage, is a financial product that helps people purchase a property. It is a long-term loan supplied by a financial institution.
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Here are some key features of a Home Loan
Loan Term
The loan term is the length of time you have to repay the loan. Home loans can have terms ranging from 10 to 30 years.
Fees and Charges
Home loans can come with a range of fees, including application fees, valuation fees, and ongoing fees. It’s important to understand the total cost of the loan, including all fees, before you apply.
Loan Amount
Home loans are available for varying amounts, depending on the value of the property and your ability to repay the loan.
Repayment Options
You can choose to repay your home loan in a variety of ways, including principal and interest repayments, interest-only repayments, or a combination of both.
Repayment Options
You can choose to repay your home loan in a variety of ways, including principal and interest repayments, interest-only repayments, or a combination of both.
Security
Home loans are secured against the property you are purchasing. This means that if you are unable to repay the loan, the lender can take possession of your property.
Eligibility Criteria
To be eligible for a home loan, you will need to meet certain criteria, including income and credit history requirements.
Fixed Rate Home Loan
A fixed rate home loan allows you to set your interest rate for a period of time. This is usually in the range of one to five years.
Variable Home Loan
With a variable rate loan, the interest rate you are charged can fluctuate in line with market interest rate changes. Because of this, your home loan repayments may also vary.
Offset Account
With a variable rate loan, the interest rate you are charged can fluctuate in line with market interest rate changes. Because of this, your home loan repayments may also vary.
Redraw
A redraw account is a type of loan feature that allows you to access extra funds that you have already paid towards your loan. Essentially, it acts as a way to reduce your loan balance and also gives you the flexibility to withdraw some of that extra money.
Split Loans
A split rate home loan is a loan that allows you to split your home loan into multiple loan accounts that attract different interest rates.
Are there fees involved with Refinancing?
When refinancing your home, it is important to keep in mind that several fees and costs are involved. These fees depend on the lender and your individual circumstances. Here are some common fees associated with refinancing:
Application Fee
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Discharge Fee
When refinancing from one lender to another, it’s essential to keep in mind that there are fees associated with releasing the mortgage and closing your account with your current lender.
Settlement Fee
This fee compensates your new lender for handling the transfer of your mortgage from the previous lender. It covers administrative and legal expenses associated with the settlement process.
Ongoing Fees
When considering a new loan, it is crucial to examine any ongoing fees that may come with it. These fees vary among lenders, so it is essential to compare them when reviewing loan options
WE ARE HERE TO HELP
At JSM, we understand the home loan market and can provide guidance on the different loan options available to you. Let us do the heavy lifting for you, to source you a loan best suited to you and navigate the application process which can be complex and time consuming.
My Process Made Easy
01
Lets Meet!
It is important for me to establish a clear understanding of your financial situation, your borrowing needs and your overall goals
02
Comparing the Market
I will research the various mortgage products available in the market and identify those that best meet your needs.
03
Reviewing Your Options
I will present to you in a clear and understandable way, highlighting the key features and benefits of each option.
04
Submitting your Home Loan Application
I will assist you with the application process, helping you to complete the necessary paperwork and providing guidance on any additional documentation that may be required.
05
Receiving Formal Approval
I will maintain clear and open communication with you, keeping you informed of any developments and addressing any concerns or issues as they arise.
06
Loan Documents
Reviewing your letter of offer, loan documents and signing on the dotted line!
07
Settlement!
Once everything is said and done I will co-ordinate settlement with the relevant parties, to finalise your new home loan!
After you have settled into your new Home Loan, I review the set up with you to ensure it meets your needs
I believe that the key to a seamless Refinance, involves clear communication, a simple process and industry expert knowledge. At JS Mortgage Services, we maintain clear and open communication with you, keeping you informed of any developments. We are with you throughout the journey and we are there for you after, to continuously review your home loan needs and goals
Ready?
Let’s Get Started
JS Mortgage Service
My mission is simple: to help people achieve financial wellness and peace of mind. Whether you’re working towards a specific financial goal or just need some guidance along the way, we’re here to support you every step of the way.
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JS Mortgage Services Pty Ltd | Credit Representative 520550 is authorised under Australian Credit Licence 389328 | ABN 94 636 588 184