Home Mortgage Refinancing

Home mortgage refinancing can be the smart choice for home owners for many reasons. Whether you want to reduce your payments or free up some funds, OzWide Loans can help you find the right loan and guide you through what can seem a complicated and daunting process.

Essentially, refinancing is the process of taking out a new loan to pay out an old one. This might be a different type of loan, or simply one with a more competitive interest rate. Depending on your current home loan commitments and the value of your home, you can borrow the exact amount necessary to pay out the old loan, or you can increase this amount and access the equity in your home.

Free up funds
When the equity in your home has built up, you may want to capitalise on this for investments or home renovation. Home mortgage refinancing can be used to free up the equity you have built up through repayments over the course of your loan, as well as any local market rise in the value of your home. A real estate agent can provide an updated valuation of your home and this value will affect the amount you can borrow on your new loan. Generally speaking, you can borrow up to 97% of the value of your home, though your lender may require Lenders Mortgage Insurance (LMI) for anything over 80%. (LMI is a one-off payment and can generally be included in the loan amount.)

Refinancing to free up funds can be a tax-effective way to invest in another property, shares, a car or holiday. Alternatively, you can put it back into your home and undertake any home improvements you have been considering. This could be anything from updating your kitchen to putting in a swimming pool.

If you want to access the equity in your home, an OzWide Loans lending consultant can discuss the best loan package for you.

Improve your financial position
Another reason you may consider home mortgage refinancing is to put you in a better financial position. This can be done by reducing your interest rate and lowering monthly repayments. If you have been locked in to a home loan for a while, especially if it is a fixed interest rate, you may be paying more than you need to. Now that you have built up your credit history it can be easier to secure a more suitable loan.

If you are struggling to meet monthly repayments, OzWide Loans can help you search for a loan with a lower interest rate, or perhaps a different loan term. This can reduce your monthly repayments and take some of the headache out of your current mortgage payments.

Whatever your financial position, OzWide Loans can generally find you a loan that reduces monthly repayments and has a lower interest rate. This could be just the solution you are looking for.

Debt consolidation
If you are paying a car loan, personal loan and credit cards payments as well as your home loan, you may want to talk to our lending consultants about home mortgage refinancing to consolidate your debts. With such a current focus on ‘interest free’ finance and other offers, it can be easy to build up many debts without realising it.

What is most important to understand is that your current financial situation may not need to be this way.

Debt consolidation can be a very effective way to reduce your monthly repayments as your home loan is likely to be under a lower interest rate than other loan rates and credit cards.

Choice of home mortgage lender
At OzWide Loans we work with a large panel of lenders including banks, credit unions and building societies to ensure that the home lending solution is one that suits our clients – we do not have an affiliation with any one lender.

Because of this we can explore the many different packages available and find the home mortgage refinancing solution that meets your current situation and your goals.

The OzWide Loans solution
It is important that you have a clear objective in mind when you are considering refinancing your home loan.

At OzWide Loans, our highly skilled and experienced lending managers can work with you to offer a home mortgage refinancing option to meet your needs. Our team includes specialist home mortgage consultants who understand the current home loan market and can make sense of a situation that can seem daunting and filled with too many details. All our consultants are qualified and will discuss your financial situation in a matter-of-fact and understanding manner.

As our name suggests, OzWide Loans can offer our mortgage brokering advice Australia-wide. We offer you an obligation-free home loan analysis and our services are completely free of charge to our clients.

We encourage you to make an online loan enquiry or contact us to discuss your current financial situation and if your loan is still working for you.