Refinancing Home Loans with a Sunshine Coast mortgage broker
It’s hard to make a decision when you don’t have all the facts. Work with us and we’ll figure out the best course of action for you:
- Compare home loans and save money!
- Get a lower interest rate and save on monthly repayments!
- Reach out us 24/7 to discuss your refinance options.
- Qualify for up to hundreds’ worth of
- Qualify for up to hundreds’ worth of cashback when you refinance.
- Get a free, no obligation consultation now.
Is refinancing a home loan now a good idea?
If your interest rate is at the higher end of currently available rates, if the break fees aren’t too high and you are ready to refinance, then asking your current lender is the first step before shopping for a new loan.
Currently, we are witnessing a historic rise of the cash rate: seven times already in 2022! As of October same year, the Reserve Bank of Australia (RBA) has lifted the cash rate once again to 2.85%, which marked the country’s longest consecutive run of increases. The hikes since May now totals 275 basis points, comparable to the 275 basis-point jump in borrowing rates between August and December 1994.
With this to consider, several refinance home loan rates from various lenders are looking attractive. As interest rates are forecasted to go even higher in the coming months, locking in to a new and lower interest rate now (true for variable rate and fixed rate customers) will save you tons in the near future.
The truth is, you can refinance at any time as long as your financial situation can accommodate it. However, there are signs to help you know when a good time is to shop around for home loan refinance offers:
- Your current lender’s interest rate is no longer competitive to what is being offered on the market.
- The Reserve Bank is jacking up the cash rate — and therefore your interest rates.
- You need to consolidate debt. Consolidating debts into your home loan can be a cost-effective way to minimise repayments and reduce the amount of interest you’d end up paying long term.
Why refinance home loan?
For many homeowners, the idea of refinancing can seem like an unnecessary headache. It requires paperwork, interest rate comparisons and financial decision-making – basically, all the things you had to do when you initially signed up for your mortgage.
But in light of record-high interest rates and major shifts in the economy right now, refinancing should be seriously considered.
Benefits of refinancing home loan
Less interest = more savings
Refinancing allows you to switch to a lower interest rate and save hundreds to thousands of dollars on monthly repayments.
Financial freedom
When you refinance a home loan ,you can pay off your mortgage earlier and reassess and reset your repayment goals.
Get a better loan
Refinancing allows you to switch to a lower interest rate and save hundreds to thousands of dollars on monthly repayments.
Debt consolidation
Simplify your monthly repayments and save money by consolidating your debts into one account.
Cashback deals
When you refinance a home loan ,you can pay off your mortgage earlier and reassess and reset your repayment goals.
Get a better loan
Refinancing allows you to switch to a lower interest rate and save hundreds to thousands of dollars on monthly repayments.
Avoid paying loyalty tax
Frequently Asked Questions on Home Loan Refinance
Below is the general process of refinance home loan applications:
- Understand the implications and essentials of mortgage refinance deals
- Assess your current position (e.g., are you eligible for a new loan? are you still happy with your current lender or home loan?)
- Shop around to find the best home loan refinance deal for you.
- Apply for your new home loan with the help of a home loan broker Sunshine Coast
- Transition from your old home loan to a new one!
When you got the best deal back then, you were likely given a price deal to win your business. Once you are on board, new customers continue to get better deals, but you may be left behind with your interest rates or fees creeping up over the life of your loan. This is commonly known as a “Loyalty Tax”.
A refinance cash back offer is an incentive that banks and lenders reward their new customers with for taking out one of their products. You may receive this in cash. They can also reward you by taking out fees you’d otherwise be charged or giving you gift cards for certain stores or brands.
The costs to refinance home loan in Australia vary depending on the lender, the amount of the loan, and the current interest rates. This may include, but are not limited to:
- Discharge fees with your current lender
- Early exit fees with your current lender
- Application fees with the new lender
- Settlement fees with the new lender
- Valuation fees with the new lender
- Government mortgage discharge fees
- Lender’s Mortgage Insurance premium, if your equity is less than 20%
$28,000 over 10 years, which is equivalent to about $50 a month (based on a $500,000 loan).
If you want to know the figures that apply directly to you, your best option is to reach out to your mortgage broker today. At SCF Solutions, we can assess where you’re at and show you where you could be. We’re just a phone call away.
What our Clients Say
Sunshine Coast Financial Solutions - Mortgage Broker
Shop 18/8 Fairfax Street, Sippy Downs
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Chris and all the team at Sunshine Coast financial solutions have been absolutely fantastic. I cannot fault their service, professionalism and assistance with all my financial needs when I was obtaining finance.. refinancing and buying land. I'm not savvy at all in the finance area so the staff were incredibly helpful and highly efficient at getting me all the information I needed and helped me to understand what I was doing. I highly recommend them to anyone who needs help in this area. Thanks to Shanina especially... You really know your stuff and I couldn't have done all of this without you.
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I highly recommend Chris and his team @ SCF Solutions to anyone going through a divorce or any other life transition that involves financial decisions.
Chris’s expertise, practical approach, and easy-going nature provided the clarity I needed to make informed decisions about my financial future. Chris’s open and honest manner empowered me with a strong understanding of my financial position and lending capability which eased the burden associated with the division of the matrimonial home. He treated me like a priority and provided valuable guidance and support every step of the way as I navigated through an emotionally challenging time.
Communication during critical times in the process such as loan approval and settlement was outstanding, even when this fell over the Christmas/New Year period. Someone from his team was always available to answer any questions or concerns and provide reassurance when needed.
Second time I have engaged Chris over the past 8 years, and I can proudly say I will remain a lifelong customer!
If you want the best possible mortgage to suit your specific financial situation then you can’t go past Chris and his team. -
Chris & the team have been fantastic from start to finish. Patient, professional & supportive throughout the whole property purchasing journey. They have gone above and beyond to help me into a property, I am very happy with my experience from start to finish. I can’t speak highly enough of their transparent and professional approach.
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Words can not express how grateful I am to have had SCF Solutions on my team. As a first home buyer I had very little experience to bring to the table. But I have felt unbelievably supported and in incredible safe hands. The entire team were amazing to deal with and organised. They found me a fantastic rate and they didn’t stop at the first decline from lender. I never felt forgotten about or silly for having no idea what happens next.
I’m not much of a review writer, this is possible the 4th one I have ever written, but that’s because I mean it. I’m so grateful I was recommended your team in the first place… Chuffed as, Nic
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