Refinancing FAQ
What is and loan refinancing and debt consolidation?- How does refinancing work?
- What if interest rates rise?
- Why should I refinance with a Quest Home Loans broker?
- How can Quest Home Loans Help?
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What is loan refinancing and debt consolidation?
Refinancing involves taking out a new loan to replace your existing loan. By obtaining a lower mortgage broking interest rate, you may lower monthly payments. When you refinance to lower the interest rate you have to pay, you can significantly reduce your monthly mortgage broking payment. A refinance may also involve borrowing further funds to use the equity for further investment or repay other debts at the same time.
Debt consolidation If you have a number of debt commitments, like credit cards and personal loans that attract high interest rates and high monthly repayments, consolidating your loans may alleviate your situation. The objective of a loan consolidation is to obtain one new loan on better terms to replace several existing loans or debts that are less favorable in terms of repayments and interest charges. Consolidating the loans also has a benefit of bringing all of your repayments under one regular repayment.
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How does refinancing work?
When you take out a new loan, you use some or all of the funds to pay out your existing loan. The new loan can either come from the same lender you’re already using or from a different lender. If you move to a new lender, that lender will take care of paying out your existing loan.
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What if interest rates rise?
When the Reserve Bank raises interest rates, banks and other lenders usually follow suit by increasing your mortgage broking repayments. Refinancing your home loan from a variable to a fixed rate can provide certainty with your repayments.
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Why should I refinance with a Quest Home Loans broker?
When done properly, mortgage broking refinancing can save money and work very well. However, there are drawbacks involved – namely the cost. – not the needs of a lender.
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How can Quest Home Loans Help?
Quest Home Loans can assist by you by providing an independent assessment of your financial position to determine whether a loan refinance or debt consolidation is right for you. The reasons for refinancing should be legitimate and the cost benefits in the long run should definitely outweigh the short-terms costs. Quest Home Loans will work with you, independently of any banks or lenders to make sure we achieve the best solution.
Quest Home Loans is here to assist you in any way that we can
WHY CHOOSE QUEST HOME LOANS?
The fully qualified consultants at Quest Home Loans understand how important your financial future is. They take the time to get to know what your specific objectives are now and into your future endeavors. We not only find the right solution for you but we provide you with as much information as possible so that you make educated decisions every step of the way. With our panel of lender experts you know you’re provided the most up to date options.
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If you’re ready to take your property portfolio to the next level let the experts at Quest guide you through the process, from the refinance of your existing property to the purchase of your new one. At Quest we want you to maximise your investment potential.
There is so much to consider when buying your own home. Can I afford it? Where do I buy? What will my repayments be? There are over 600 loan products to choose from so let Quest Home Loans simplify this process for you and make it a time to celebrate.