Refinance
REFINANCE
Refinancing refers to a process where you pay out your current mortgage and take out a new loan with either the same lender or a different lender who can offer you exactly what you need and can save you money in the long run.
At Infinity Finance we have access to discounted rates from the Big 4 banks and a multitude of smaller lenders, so you can be sure you are getting the most competitive deal on the market.
- Access to multiple lenders to get the right loan for you.
- Deal directly with your lending specialist throughout the process.
- Qualified and independent advice that you can rely on.
- Give your home loan a free health check by compares hundreds of options available.
- We do all the paperwork and running around at no cost to you.
- Interest rates at a historic low, it is an ideal time to see if you can take advantage of the current economic market to save money.
Faq
REFINANCE FAQ -
Refinancing can be a smart way to manage your money.
Here are a few ways in which you may benefit from refinancing.
- Peace of mind – a fixed rate can mean knowing what your repayments will be each month
- Reduce your monthly repayments through access to a lower interest rate
- Potential to pay off your loan faster through more flexibility
- Reduce your monthly repayments overall by consolidating credit cards, personal loans or other debts into a lower rate loan
- Free up some extra cash to finance a renovation or purchase an investment property by unlocking equity in your current property
Refinancing may be used for different reasons including:
- Renovating your home or other home improvements such as a pool.
- Consolidate your debts such as credit cards to one easy repayment.
- Obtaining a cheaper rate, even if it means giving up a few loan features.
- Release equity to purchase such as a car or other purpose.
- You want to make better use of home loan features and benefits.
Before refinancing, it is important to identify both your short- and long-term financial goals.
Whether you are wanting to renovate, consolidate debts, search for other rate options, raise funds
for a purchase, change your rates or loan options, refinancing your existing loan may be the way to go.
It is important to consider the cost of refinancing.
When you refinance, you are terminating your current loan earlier than scheduled and replacing it with a new one. There will be mortgage discharge and registration fees and you should also consider whether there are exit fees or early repayment charges on the existing loan.
If the savings, you expect from refinancing exceed the costs associated with it then it makes sense to refinance your loan.
When done properly under the right circumstances, loan refinancing can be very beneficial. The reasons for refinancing should be legitimate and the calculations need to be run to ensure the long-term savings outweigh the short-term costs.
Refinance needs to fit your overall strategy and needs to be cost effective.
