Refinancing
Looking to refinance to get a better deal? We can help.
Refinancing is when you have a home loan, but apply for a new loan to replace your current one. There are many reasons to refinance, including:
- Taking advantage of a lower interest rate with a different lender
- Accessing better home loan rates after improving your credit score
- Moving to a loan with fewer fees
- Using your equity to pay for large expenses, such as renovations.
Whatever you’re reasoning for refinancing, Northwick Funding can help you understand your options and can take the stress and effort out of the refinancing process.
Common questions About Refinancing
How can I improve my financial situation before refinancing?
There are may ways to improve your financial situation before refinancing. These include:
- Pay off and avoid payday loans
- Stay away from gambling, including betting on sports
- Budget to reduce your spending while you prepare to refinance
Your broker can talk you through your current situation, look over your spending and suggest ways to improve your personal situation.
Do I have to pay fees to refinance?
Depending on the loan you currently have and the loan you’ll be applying for, you may have fees to pay. We’ll talk you through any fees at every step of the process.
Can I refinance if I have a fixed rate loan?
Yes, you can refinance even if you currently have a fixed rate loan. The problem with this is that there’s a good chance you’ll have to pay break costs. Break costs will be outlined in your current loan terms, but they can be complex and costly. In many cases it may be best to wait until the fixed-rate period ends on your current loan, but if you give us a call we can help you understand the best option for you.
Ready to talk?
Get in contact with our mortgage broker Paul on 0421 323 708.