By Darren Law
Reviewing your home loan on an annual basis at the bare minimum is highly recommended. The main reason people get in contact to refinance is that their existing bank is not giving them the best deal.
Sometimes you can accumulate other debts like car loans, personal loans or credit cards and want to refinance these by unlocking equity in your property. Another circumstance is if you start to consider your next financial goal like an investment property or buying shares and want to see if you can unlock some equity.
We conduct a full review of your circumstances and your existing loan and analyse your situation against the best potential offers in the market.
We will review up to 50 different lenders and see who are the most suitable for your current and future financial goals. Different lenders have different risk measurements and we always find valuations changing between bank to bank. The variance between valuations can mean substantial financial differences, especially when factoring LMI (lenders mortgage insurance) into the equation.
The four main reasons to refinance are:
- To negotiate a better deal with your current lender
- Debt consolidation
- Accessing equity for investment or home improvement purposes
- Refinance to a new lender, should we be able to get a better deal
Before recommending our advice, we conduct a full financial health check and come up with three strategies. Typically they consist of ‘our recommended’ strategy, ‘second-best’ and ‘good alternative’ strategies.
Together with our product expertise and professional knowledge and know-how, we will find a suitable strategy for you. Best of all the service is free of charge as we are remunerated by the lender.