What do I need to know about Refinancing?

Review your position every year

If you already have a mortgage broking, you should review your entire financial position every year or so. If you your circumstances have changed, a fixed-rate loan term is coming to an end or you suspect you could be getting a better deal, Quest can help you check out your options.

The Costs of changing from one loan to another

One of the major decisions in refinancing is the cost. You need to be aware that when you refinance, there are nearly always costs, particularly at the start. These costs can include exiting your current loan and the set up of a new one and can range from minimal to thousands of dollars, depending on the circumstances surrounding you change.

Fees to watch out for

Apart from discharge fees, some loans do have exit penalties or deferred loan establishment fees. Usually, if your loan had some kind of up-front rate discount or very low interest rate, there will be exit fees. If the new loan is with the same lender and the amount is the same, with minimal structural changes the costs to just change product could be minimal. Quest Home loans, with our loan assessment software, can help you do the sums.

Accessing your equity

You may be able to access equity in your existing property/s to fund investment or to renovate a property, and this can involve some form of refinancing your current mortgage broking. You can find out more about accessing your equity by calling our consultants at Quest Home Loans.

More Information

There are literally thousands of home loan options to choose from and the home loan market is very competitive. The fastest and easiest that you can make an educated decision is to get assistance from our qualified Mortgage Brokers at Quest Home Loans. Make an appointment or talk to a Mortgage Broker before making a final decision.