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I WANT TO
REFINANCE
Grab yourself a better home loan deal with special broker rates
Time to refinance? You could pay your loan off years faster.
Things in life change - and that includes interest rates, your circumstances and goals. At HER Finance, we have already helped hundreds of Australian's save on their current loans and mortgages. See how your loan compares to our panel of over 70+ lenders.
We can help review your interest rates and repayments, get cash-out from your home equity, consolidate debt, pay off your loan faster or use your equity to buy another property. Working with us gives you the power to negotiate with the banks, plus get exclusive broker access to special broker products and rates.
Why should I refinance? …
Get Her Finance on your side. Working with us gives you the power to negotiate with the banks, buy-back your time/money researching the market, plus access exclusive broker specials.
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Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
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Refinancing could help you pay off your loan faster by offering a lower interest rate, which reduces the amount of interest paid over the life of the loan and directs more of your payments toward the principal balance. Additionally, switching to a shorter loan term, such as from 30 years to 15 years, increases monthly payments but shortens the loan duration and reduces overall interest costs. Refinancing may also provide access to extra cash or debt consolidation options, enabling additional principal payments that accelerate loan payoff. Moreover, refinancing can offer fixed rates with no adjustment periods or better loan features, such as bi-weekly payments and no prepayment penalties, all contributing to faster loan repayment.
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Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
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If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We can consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
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Using your equity through a refinance can be a powerful strategy for property investment. By accessing the cash from your home’s equity, you can fund the purchase of additional investment properties, potentially increasing your real estate portfolio and rental income. This equity can also be used for property improvements or renovations, enhancing the value and appeal of existing investments to maximise returns. Additionally, leveraging your equity in this way allows you to diversify your investments, manage risk, and seize new opportunities in the property market, all while making strategic moves to grow your wealth.
Ready to get started? Meet with Her to discuss your options for refinancing
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When is the right time to refinance?
Fixed-rate expiring
If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed-rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.
Your equity has grown
If you have been making your home loan repayments, it is likely the equity you own of your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.
Situation improved
If your credit score or financial picture changed for the better since you took out your home loan, it is possible you could be eligible for a lower interest rate. It is always worth asking the question.
FAQs for Refinancing
We’ve got your questions covered!
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Refinancing your mortgage can offer benefits like securing a lower interest rate, consolidating debts, or paying off your loan faster, but it's important to be aware of the associated costs. These can include:
1. Discharge Fees: Fees charged by your current lender for releasing you from your existing mortgage.
2. Application Fees: Costs incurred when applying for a new loan with a different lender.
3. Settlement Fees: Charges for the legal and administrative processes involved in finalising the new loan.
In addition to these, there may be valuation fees, legal costs, and possibly early repayment penalties from your current lender. It's crucial to calculate these costs and compare them against the potential savings to ensure that refinancing is financially beneficial.
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In almost all scenarios you are not required to pay a fee for our services. Instead, we’re paid a commission by the lender you choose through.
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Yes, when refinancing, you'll need to inform your current bank that you intend to discharge your existing mortgage. This involves completing discharge paperwork to formally release the property from the current lender’s hold. As your broke we will assist with this process. We can manage the paperwork and communication between you and the current bank, ensuring a smooth transition to your new loan. This includes handling the discharge paperwork and coordinating with your new lender to facilitate the refinance process.
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Each interest rate depends on loan type, repayment plan and several other factors. This means a good interest rate for you may not be a good interest rate for someone else. Get in touch with me today to to find out which loan type, repayment plan and lender will give you a competitive interest rate for your needs.
Not where to start?
Schedule a FREE 15-minute planning session and get your questions answered by your dedicated broker.
Still have questions?
You’re not alone! Buying property or borrowing money is one of the biggest decisions you’ll make! Ask us anything, we’re here to help.
