So you’re thinking about refinancing your home loan, investment loan or business loan.
This is one of the most important financial decisions you have to make, so it’s important to get it right.
If you do the refinance yourself, there’s lots of information and it’s hard to choose from hundreds of different loan products in the market – plus all the paperwork need to be done. If you use a Broker, you have to make sure they are independent and have the experience and qualification to provide you with the right advice.
To help you with your decision to refinance, here’s the 7 most common questions people ask when they’re thinking about refinancing….
1. Why do people refinance their loans? There are many reasons people refinance their home loan, investment loan or business loan. These reasons are moving to a lower rate to save money on interest, borrowing extra money for home improvements, consolidating credit cards and other loans into one repayment, or changing your loan structure to fixed and variable.
2. How does refinancing work? We show you how the right lender and loan package can save you thousands in interest every year. Then we help you get approval of your new home loan, investment loan or business loan. The new lender arranges to pay-out and take-over your current loan. Importantly, we make this process simple for you and keep you updated at every step. See more information about this here: Find a better deal
3. Do I have to change my savings account? You can change-over your savings account with the new lender but you don’t have to – the choice is yours.
4. What about my direct debits I have set up with my current bank? You can keep them at your current bank or change-over to the new lender – again the choice is yours.
5. Will it be a hassle to fill-out the forms and paperwork? We do all the forms and paperwork for you. You can email your documents to us, or we arrange Dropbox folder for you, and we do the rest. See more about our FastDoc system here: What is FastDoc?
6. Will I have to pay fees when refinancing? There is no fee for our service or any establishment fees from the new lender. There will be exit fee from your current lender and this is usually around $300 per loan. Importantly, we make sure you will be in better financial position when you have moved to your new lender.
7. How much will I save by refinancing? Our Clients save thousands of dollars in interest every year with their new loan. We will show you how much you will save in the Borrowing Plan we prepare for you. See more about your Borrowing Plan here: What we do