As you make changes in your life, your home loan may need to change, too.
Whether you’ve moved jobs, had extraordinary expenses, or want to lock in a lower interest rate, it’s worth exploring the potential benefits of refinancing.
It could help you to bundle your debt, reduce your repayments or cash out your equity. Some banks even offer cash incentives to switch home loans.
Ready to make a change? Here’s how it’s done.
Speak to an expert
Start by speaking to a mortgage adviser. They can help you explore your refinancing options and offer a personalised solution.
Working with an adviser means much of the hard work is done for you, from shopping around to negotiating a new rate.
Crunch the numbers
It’s important to do the math before you decide to switch. While a new low interest rate may seem attractive, it could carry hidden fees or extend the total life of your loan.
Carefully weigh the pros and cons of changing lenders before making any decisions.
Gather your paperwork
With your new loan selected, it’s time to compile your supporting documents for the application.
This should include evidence of income, a copy of your existing mortgage statement, and photo identification. Your financial will submit the loan application for you.
Get ready to change
If you work with an experienced mortgage adviser, they can help you make the transition as smooth as possible.
Once your new mortgage has been settled, your lender will contact you to start making your repayments.
To discuss changing your home loan, contact a Mike Pero Mortgage Adviser today.