You may have heard a lot of people talking about or recommending the concept of refinancing. But what does that actually mean for you? Refinancing has multiple benefits for your home loan but can be confusing without the right information. To learn more, we’ve listed some of the key factors of refinancing to consider and explain how you can start the process.

refinancing your home loan - what does it mean for you?

So, what does it mean to refinance?

Refinancing involves paying out your current home loan by taking out a new one. This could be finding a loan from your existing bank with a better rate or from a new bank entirely.

Why would you need to refinance?

Our clients have refinanced for a variety of reasons. Most commonly, they are searching for a better rate on their mortgage, so they end up saving money on their mortgage repayments. We also commonly see a change in an individual’s lifestyle or financial situation that would greatly benefit from a review of their mortgage. Whatever your reason, it’s important to get clear and knowledgeable advice to see if it is the right thing for you.

What we can help with

Navigating the world of rates and mortgages can be tricky but gaining a clear understanding of what it all means for you can give you the best start to having a handle on your repayments. We can explain the value of fixed or variable home loans, negotiating the best rate for you, and ensuring that your repayment plan will work best for your specific profession. For example, medical professionals have unique opportunities when it comes to mortgage repayments. This is something we can walk you through if it applies to your situation.

We will assist in reviewing your current mortgage and financial situation in order to establish if refinancing is right for you. Once we have established that refinancing is the right choice, we can walk you through your options and find the right rate from the right bank and compare the loans available to find the right one for you.

Need more info? Get in contact today!

Working with a mortgage broker will provide you with a seasoned professional in your corner, giving you the best advantage to getting a better rate than the one you have now. This could lead to saving you hundreds of dollars in your mortgage repayments every month.

Each of our brokers have strong expertise in refinancing and are able to share their knowledge to make it make sense for you. Every client’s situation is different and unique. We will take the time to walk you through the process in language that you will understand and make sure that you are comfortable and satisfied with your new rates. Get in contact today to discuss your options.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Emmanuel Guignard (MBA)
Director & Principal Mortgage Broker
With over 15 years’ experience in the finance industry and a recently completed MBA in Financial Planning, Emmanuel leads the broking team at Loanscope. His experience includes working with a wide range of property investors, from first time buyers to investors with large property portfolios. This includes handling complex applications involving trusts, company structures and self-managed super funds. He also operates as a qualified mentor to other mortgage brokers via the FBBA mentor program.
Emmanuel Guignard