Refinance Mortgage Broker Melbourne

Refinancing your loan means replacing your current mortgage with a new one to get better interest rates, reduce monthly repayments, access home equity, or consolidate debt. The market rate is subject to fluctuations, so it can help you save thousands. However, as refinancing involves several costs, it’s important to do a cost-benefit analysis and proceed accordingly.

Standard fees involved in refinancing a home loan –

• Discharge fees from your current lender
• Application/setup fees with the new lender
• Valuation fees
• Mortgage registration fees from the Victorian government

As your refinance mortgage broker in Melbourne, we will take you through all associated costs and help you make an informed financial decision.

Yes, there are no legal restrictions against it, but if you have a bad credit history, refinancing can be a bit more challenging as you might not meet the eligibility criteria of many lenders. However, our refinance mortgage broker in Melbourne leverage their network of over 40 bank and non-bank lenders to bring you potential refinancing options, irrespective of your credit score.

You can “cash out” a fraction of your home equity when you refinance. This is one of the reasons some people opt for refinancing. Refinancing can be a great way to secure the required funds if you have any immediate costs associated with home improvements, investments, or other significant expenses.

Whether refinancing is right for you depends on your financial situation and goals. You must compare your current loan with refinancing options to make an optimum choice. You can access your online calculators or contact our refinancing mortgage brokers for a consultation. They will conduct a loan health check to understand your requirements and guide you in the right direction.

Refinancing your home loan involves diverse steps. You must find potential lenders, compare rates and loan features, negotiate for a favourable deal and fill out the application form. While this might seem like a lengthy and daunting process, we make it as simple as possible. Once you connect with us, we will take over the entire process and ensure your refinancing process proceeds smoothly without any hassles.

Yes, you can refinance even if you have a fixed-rate mortgage. But you might incur a break fee if you wish to exit your fixed-rate term early. So, when deciding whether to refinance, weigh the cost of the break fee against the potential savings from refinancing and proceed right.

Refinancing can take anywhere between 2 to 4 weeks, depending on how quickly you complete the refinancing procedure. If you need an immediate resolution, make sure to engage with a lender who offers express refinancing services and be sure to keep all the documentation ready. Our refinance mortgage brokers in Melbourne have years of experience undertaking fast and efficient refinancing processes. Trust us to expedite the entire process and ensure a quicker transition.

There is no legal limit on how often you can refinance your loan. However, as it involves a lengthy process and several costs, refinancing doesn’t always have to be an ideal choice. You must assess your potential costs and savings to determine your financial goals and decide whether refinancing is right for you.

Yes, most lenders will demand a property valuation before they approve your refinancing application. It helps the lenders determine the current value of your property and the Loan-to-Value Ratio (LVR). A lower LVR can help you achieve better loan terms and interest rates. To learn more about property valuation, contact our refinancing mortgage brokers in Melbourne.