LOAN REFIANANCING

The current interest rate varies depending on the lender and the type of loan. To determine how it compares to your existing rate, you would need to compare the two rates directly. It's advisable to reach out to us as your Mortgage Broker to do the comparisons for you from multiple lenders to find the most competitive rate for your circumstances.

On average we reduce our clients' interest rate by 1% when they refinance.

The amount you can save by refinancing your loan depends on various factors, including the interest rate difference, the remaining loan balance, the loan term, and any associated fees. It is recommended to use refinancing calculators or consult with us as your Mortgage Broker to estimate potential savings based on your specific loan details and the new loan terms being offered.

The fees and costs associated with refinancing can vary depending on the lender and the specific circumstances. Common fees may include application fees, valuation fees, legal fees, discharge fees, and potential lender's mortgage insurance (LMI) if applicable. It's important to carefully review and compare the fee structures of different lenders to fully understand the costs involved before deciding to refinance.

Yes, when refinancing, lenders typically require a credit check to assess your creditworthiness and determine the interest rate and terms they can offer. You will also need to provide documentation such as proof of income, employment verification, bank statements, and possibly other financial documents to support your loan application and ensure compliance with lending requirements.

The process and timeline for completing a refinance can vary depending on factors such as the lender, loan complexity, and individual circumstances. Generally, the process involves submitting a loan application, providing necessary documentation, undergoing a credit check, property valuation (if required), loan approval, signing loan documents, and settlement.

Going through a Mortgage Broker, like us, can speed up the refinancing process with approvals taking as little as 1-2 days and up to one month for settlement.