Refinance Loans

Let Zanda Wealth Mortgage Brokers calculate what you could save by refinancing your home loan.

What Is a Refinancing Loan?

When a loan is refinanced, you’re replacing the original loan with a new one in its place. This new loan could have better borrowing terms in relation to APR or length of time to repay the note.

Another way of refinancing the loan would be to use a different lender to grant the new loan in place of the original one.

There are certain advantages for employing a loan refinance and as experienced home loan brokers we’ll cover everything you need to know below.

Reasons To Refinance Your Loan

Pay Less Interest: You can find better borrowing rates when you refinance a loan. For instance, you can lower your APR rate to get better terms.
Increase Your Borrowing Amount: You can find a higher borrowing limit with a refinance loan from your original lender or with a new one.
Debt Consolidation: You can round up multiple smaller debts into one large refinanced loan to possibly get a lower overall APR on what you owe.
Get a Package Deal: Switching all of your loans and banking business to one institution can save you money on loans and discounts on banking services such as checking and credit cards.
You Can Restructure The Terms: Instead of paying on both principal and interest when you make your payments, you can switch to interest-only payments and pay the principal off with a lump sum payment at the end.

Make the Right Move with Zanda Wealth’s Refinancing Experts

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Expert guidance on loan selection and application

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Comprehensive Client-Focused Services For Successful Refinancing

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Leveraging our wide network of lenders for your advantage

What To Look For When Refinancing

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Prior Approval On Loans Is Not Indicative Of Future Loan Approval Success

A lot can happen between your initial loan approval and your application for a loan refinance. You may have taken on more debt in the form of credit card or car payments. Your income might have gone down in that time frame, and you may have missed a payment or two on your original loan. These situations all come into play when a lender is looking over your creditworthiness.

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Hidden Costs Of Loan Refinance

Some lenders have penalties for refinancing your loan and especially so if you’re going with a new lender to refinance it with. As a general rule, you should always look over your loan contract to scout out these fees and costs before refinancing. You can add these costs in with your new loan and can ask for a little more money to cover these costs when factoring in how much you want to ask for in the refinance.

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Obsession With Lower Interest Rates

Many times, these lower interest rates will come with additional charges and fees during the life of the loan. Banks have to make up the cost on losing a little interest and these fees are one of the ways that they do this.

Exploring Different Refinancing Options

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Switching from Variable Rate to Fixed Rate Loans

One such option is transitioning from a variable-rate loan to a fixed-rate loan. Variable-rate loans, although often offering lower initial rates, can fluctuate over time, making your repayments unpredictable. On the other hand, fixed-rate loans provide stability and predictability, as your interest rate remains constant over a set period.

Making the switch to a fixed-rate loan can be advantageous, particularly in a climate where interest rates are expected to rise. This allows you to lock in a low rate for a specified term, making budgeting easier as your repayment amount stays the same throughout this period. This switch can provide you with financial security and peace of mind, knowing that you won’t be affected by sudden interest rate hikes.

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Benefits of Shorter-Term Loans

Opting for a shorter-term loan during the refinancing process can also bring multiple benefits. First, shorter-term loans typically come with lower interest rates compared to their long-term counterparts. This means over the life of the loan, you’ll pay less in total interest.

Moreover, choosing a shorter-term loan can fast-track your journey to being mortgage-free. It means you’ll be building equity in your property quicker and ultimately own your home outright sooner. While this might mean higher monthly payments, the interest savings and the financial freedom gained can be substantial.

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Considerations for Refinancing Interest-Only Loans

Interest-only loans can be attractive due to their lower initial repayments, as you’re only required to pay off the interest and not the principal. However, once the interest-only period ends, your repayments will increase significantly as you begin to pay down the principal.

If you’re considering refinancing an interest-only loan, it’s crucial to evaluate your financial capacity to meet the increased repayments when the time comes. Refinancing could give you an opportunity to switch to a principal-and-interest loan with more manageable repayments, providing a clearer path to reducing your debt.

As always, every financial situation is unique, and these options may not suit everyone. That’s why at Zanda Wealth Mortgage Brokers, we encourage you to book a free consultation to discuss the best refinancing options for you. Our professional team is dedicated to guiding you through the process, ensuring you make the most informed decision that aligns with your financial goals.

When it Comes to First Home Buyer Home Loans Consider the Following:

Assessing your current financial position

With Zanda Wealth Mortgage Brokers, you’re not alone in assessing your current financial position. We meticulously review your financial status, considering your income, existing loans, and overall financial goals to determine the most appropriate refinancing options.

Choosing the right refinancing loan product

Choosing the right refinancing loan product is crucial. We leverage our expertise and extensive network of over 100 different lenders to pinpoint a loan product that aligns with your unique needs, whether you aim to lower your interest rates, alter your loan term, or consolidate your debt.

Managing the application and approval process

The application and approval process can be complex and time-consuming, but Zanda Wealth Mortgage Brokers is here to manage it. We handle all the necessary documentation, liaise with lenders on your behalf, and ensure the process is conducted promptly and efficiently, allowing for a smooth transition to your new refinanced loan.

Overcoming refinancing challenges

Strategies for Refinancing with Bad Credit

When it comes to refinancing with bad credit, we’re equipped with effective strategies. Our team works with you to understand your credit history, offers advice on credit repair, and connects you with suitable lenders who are more flexible with credit policies, helping you secure better loan terms despite credit challenges.

Refinancing solutions for self-employed individuals

For self-employed individuals, we understand that income verification can be complicated. Zanda Wealth Mortgage Brokers helps you present the best financial snapshot to lenders by preparing comprehensive financial statements and capitalising on our knowledge of various lenders’ policies towards self-employed borrowers, ensuring you get a fair refinancing deal.

Navigating Lender's Mortgage Insurance (LMI) during refinancing

Navigating Lender’s Mortgage Insurance (LMI) during refinancing can be tricky. We guide you through this process, helping you understand when LMI is applicable, how it can impact your refinancing costs, and ways to potentially avoid or minimise it. Our ultimate aim is to provide a refinancing solution that benefits you in the long run.

Talk to the Finance Specialists at Zanda Wealth Mortgage Brokers Today About Refinancing Your Loan

Let Zanda Wealth Mortgage Brokers take the reins in calculating your potential savings through refinancing your home loan. Capitalise on our industry knowledge and experience to transform your financial future today.

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Refinance Loans

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What Other Home Loan Refinancers are Asking

How long does it take to refinance a home loan in Australia?

Refinancing a home loan in Australia typically takes between 30 to 45 days, but the exact timeframe can vary depending on your lender and individual circumstances.

What are the benefits of refinancing to a shorter-term loan?

Refinancing to a shorter-term loan can save you money in interest payments over time and enable faster equity build-up, though it can increase your monthly repayments.

Can I refinance if I have an interest-only loan?

Yes, you can refinance an interest-only loan; however, the suitability depends on your financial goals, as switching to a principal and interest loan may increase your repayments.

Can I refinance a home loan with a different lender?

Yes, you can refinance with a different lender. This can often help secure a lower interest rate or better loan features.

What is Lenders Mortgage Insurance (LMI) and will I have to pay it again if I refinance?

LMI protects lenders in case you default on your loan. If you refinance and your loan-to-value ratio (LVR) is over 80%, you may need to pay LMI again.

Can I refinance my home loan if I have bad credit?

Refinancing with bad credit can be challenging, but not impossible. Some lenders specialise in bad credit refinancing, but the rates may be higher.