Refinancing your home loan can bring you substantial benefits.
Work out whether it serves your needs.
"Refinancing" lets you change your home loan to suit your changed needs and better opportunities. As home loans have added extra features, more and more people have decided there's another product that would better suit their needs. (And services like APO Finance make it even easier to arrange a refinance.)
How refinance works
You take out a new loan, and use some or all of the funds to pay out your existing loan. The new loan often comes from a different lender, but many people refinance with the same lender who they've been using for years.
If you move to a new lender, that lender will take care of the process of paying out your existing loan.
Why you'd refinance
Most people refinance for one of the following reasons:
You want to renovate your home
You want to pay off debts quicker and cheaper by rolling them into your home loan
You want to get a cheaper rate, even if it means giving up a few loan features
You want to raise cash for a purchase
You have money earning interest and you want a home loan that will apply that money to your loan - an "all-in-one" account
You are currently paying a high interest rate - for instance, if you arranged a low-start, rising-rate loan from your homebuilder
You want to switch from a fixed rate to a variable rate, perhaps because you can accept the risk of higher repayments
You want to switch from a variable rate to a fixed rate, perhaps because you need the certainty that your repayments will stay the same for the next three years
How to approach refinance
You should start your refinancing with clear goals, whether they be to cut your repayments, free up cash or improve your home. Experienced loan brokers say that many refinance troubles start with borrowers who are refinancing without knowing why they're doing it.
Please contact the lending professionals at APO Finance to discuss all your loan requirements.
Call 07 3387 2200 or
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