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For many borrowers, refinancing their loan can be seen as an unnecessary hassle. A typical borrower finds their dream home, gets their mortgage, and starts making their repayments.
They won’t think any more of it.
But what if refinancing your mortgage meant reducing monthly repayments, and also unlocked equity that could be used towards building a better future? With interest rates at record lows, there has never been a better time to get a home loan health check.
This is where 1300HomeLoan comes in. Our role is to put you in touch with mortgage brokers around the country, who have access to over 30 lenders, and hundreds of different loans. They will select the ideal loan for you, then guide you through every step of the loan process, so that you’re completely satisfied with your finances.
Even if you’re unsure of whether refinancing is right for you, simply call our 1300HomeLoan team or send us a quick enquiry on the right of this page and one of our friendly home loan professions will contact you to discuss your options.
When borrowers are confronted with repayments that are too high for them to afford, they may opt for loan refinancing. However, loan refinancing can be approved for a number of reasons, so it might be worthwhile to talk to your mortgage broker if you want to see if you are eligible. Let us take a closer look at loan refinancing and its advantages.
Compliance and customer outcomes are central to Infynity’s core functionality, reflecting the recommendations of the Royal Commission and subsequent industry discussions. By utilising intelligent data analytics tools, brokers remain on top of their compliance obligations without compromising the speed of an application.
1300HomeLoan puts you in touch with a large amount of mortgage brokers. All of our brokers have a particular area of expertise, so you will be able to find brokers with a good amount of experience in debt consolidation and loan refinancing.
To find the perfect broker for you, please use our search tool under our “Talk to a Broker” category. Each mortgage broker has a short description under their name, this makes it easier for you to select a broker for loan refinancing.
In addition to loan refinancing, you can also take advantage of additional financial services on 1300HomeLoan. 1300HomeLoan also provides brokers who can help you with property investment, building financing, budget planning and loan pre-approval. For a full overview of our services, please head over to the “Our Services” section.
The first reason why a mortgage broker can advise loan refinancing is the fact that the borrower could benefit from a better interest rate. With financial institutions continuously adjusting their interest rates, you will be better off with a refinanced loan. A better interest rate usually translates in a reduced monthly payment or a reduced repayment term. If you should choose loan refinancing to obtain a better interest rate, your mortgage broker can start looking for a better deal.
Another reason why you could choose loan refinancing is debt consolidation. When you are connected to more than one loan, it is often better to consolidate that debt into one new loan. The result of this type of loan refinancing can lead to either a longer or a shorter repayment term. There are also various denominators to take into account, such as fees and interest rates. In order to make sure that you get a good agreement, you should hire the services of a mortgage broker with experience in debt consolidation.
Financial distress can also be a reason why borrowers go for loan refinancing. By refinancing a loan, the borrower could potentially free up some cash, reduce their monthly repayments and sort out their debt a little easier. If financial distress is the reason why you are thinking about loan refinancing, please head over to our mortgage broker section to find a good broker that can help you with this process.