Why refinance?
We are currently seeing some of the most competitive interest rates and refinance incentives on offer across a range of lenders. In the digital world refinancing your home loan is not the painful process that it used to be…. Especially if you have a lending expert doing all the work for you!
The broker does all the work, The bank pays the bill and you save the money!
Some banks are offering up to $5000 cash back for your home loan business. You can have a lower interest rate and have $5000 deposited into your account – all while we do all the work for you.
What is the true cost or refinancing?
We consider all the exit costs as well as the discharge fees before you make your final decision. You will need to provide your broker the payout figure so they can calculate your total savings accurately.
Consolidating debt such as credit cards, personal loans and even tax debts is possible.
Make sure you are in a position to refinance! Ask your broker to see if you are locked into anything before you make an expensive error.
Why choose Lendable for refinancing?
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Lock in a Lower Rate and Repayment
With cost of living pressures biting hard, the most common reason people look to refinance is because they want to save money wherever they can – and its always good to ‘beat the banks’ at the same time! If you are finding that your interest rate doesn’t seem to be the best of offer, or you have seen/heard someone advertising something better, it’s definitely a good time to chat to Lendable and have a specialist broker see what can be done to save you some of that hard earned money because its better in your pocket and not the Bank’s!
As another option you can always look into fixing your interest rate, that way your rate and payment won’t change over the fixed period giving you peace of mind knowing that it won’t go up over the fixed period.
2
Features
One of the important factors when it comes to refinancing your home loan is to take into consideration the features and benefits of your current mortgage and if they still apply to your situation now. For example, you may want to have the ability to pay as much as you want in extra payments, but be able to also take out funds (without being charged fee’s or charges) if a rainy day comes along.
Another example may be that you want to have a fixed rate and repayment, but be able to make some additional payments and not be penalised for it, or even have an offset attached to a fixed rate mortgage.
3
Releasing Equity
Another great reason people look to refinance is to release equity they have been building up in their property over a number of years.
For example, if you had a starting mortgage balance of $400,000 and your property was worth $500,000 – fast forward to now and you only owe $315,000 and your property has increased to being worth $540,000. You may be eligible to release up to $117,000 to spend on other things like renovations, that pool you have always wanted, or even to use as deposit on an investment property.
Refinancing FAQs & Resources:
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Can I refinance my loan if it is fixed?
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Yes you can……. BUT you will be charged break costs from the bank to do so. Make sure you look into this before you look into refinancing. The costs may far outweigh the benefits.
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Can the bank charge me if I leave?
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NO it is illegal for banks to charge you exit penalties. They can only charge you if you have a fixed term loan that you have entered into.
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Is the lowest rate always the best option?
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NO. Low interest rates are great but you need to look into all the costs associated with a loan. Does the low rate come with high bank fees or limited flexibility on the product? We look at what your goals and objectives are and help you select a product that suits you accordingly.
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Should I reset my loan term?
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Be aware that if you keep refinancing your home loan over 30 years you are not actually repaying the loan any quicker! You are just lowering the payments i.e. if you refinance your loan with 25 years remaining over 30 years are you actually better off? or are you 5 years further back than you already were?
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If I paid mortgage insurance on my initial loan will I need to pay it again if I refinance?
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It will depend on the current value of your property – If your new loan is still in mortgage insurance range, yes you will need to pay LMI again. Your premium is attached to your specific loan and not transferable.
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Happy Lendees
Incredibly friendly
I want to personally thank you for all your help, I wouldn’t have managed it without you. From our first meeting you made me feel comfortable working with you and your organization, at all times I felt I could trust you and you had my best interests at heart. Thanks for everything
Over the moon
I’m emailing to let you know we received our keys today, and just wanted to say how grateful Monique and I are for all your help/advice you have given us. We can’t even describe how happy we are with the end result
Tireless efforts
We can not thank you enough for your tireless efforts in helping to get this over the line and settled. What you did for us yesterday amazes us and we are so grateful.
Borrow sooner. Buy smarter. Build better.
Lendable puts first home buyers in control of their situation. We’ll work with whatever your financial situation is to get a better deal from your lender.
