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If you’re looking to refinance your mortgage, but are time poor or want a bit of extra help, a mortgage broker can be a real asset. Not only can they take the hassle out of what can be a long and stressful process, but they may be able to get you a better deal.

As with most things, it pays to be prepared. RateCity decided to ask some of Australia’s most esteemed mortgage brokers what refinancers should ask to ensure the process is as seamless as possible.

  1. What are the benefits of refinancing?

Whilst the most common reason for people to refinance is in search of a lower interest rate on their mortgage, there are also other motives for it, according to Loan Market, one of the largest mortgage broker businesses in the country with more than 1000 experienced brokers. It listed the following:

  • Cash out for Renovations – the need is ‘improve my home’ to add value to an existing property for retention or re-sale.
  • Consolidation of debt – Sometimes people are really hurting (financially) and a consolidation is just what the doctor ordered to release the pressure valve.
  • Cash out for future Investment – the customer is looking to get a deposit ready or buy other investments to build their Wealth.
  • Unhappy with their bank! – the customer is motivated by a bad experience and they just want out – finding a lender with great service will be key.

Why is it important to ask?

There are various reasons for refinancing as different people have different financial needs, making the choice of bank/lender dependent on the individual’s circumstances. For example, the best rate may not be possible if there are arrears on their debts or obtaining extra money for wealth creation may require them to use a bank/lender who will provide them with it.

Loan Market is equipped to navigate the sometimes murky waters of refinancing, with a panel of over 30 banks and lenders (ones you know and trust) allowing the comparison of hundreds of different products. Today, Loan Market is rated 4.8/5 on Product Review where hundreds of satisfied customers attest to great service delivery and positive life-changing experiences. Last year alone, it helped 20,000 Australians and New Zealanders secure home loans.

home loan term length

  1. What will my saving in dollar terms be for the first year (less the discharge costs) and then each year after that?

It is important to know the costs involved in moving lenders so that a tangible benefit of the move can be determined,” according to Perth-based Blackburne Mortgage Broking.

“There will be a mortgage discharge fee and a new mortgage registration fee payable on shifting your security property between lenders in the beginning so this cost will need to be factored into your net saving. Once the new loans are set up and in place then that is when the significant savings will begin to accrue.”

Loans with no upfront fees

Being Perth’s premier off-the-plan lending specialist, Blackburne Mortgage Broking has assisted hundreds of clients in obtaining finance for their apartment purchases, securing their position as the most trusted name in off-the-plan finance yet offering second to none financial solutions for all residential lending requirements.

The Blackburne Mortgage Broking team pride itself on building strong and lasting relationships based around empowerment, trust and integrity ensuring their clients are confident to make informed decisions about their financial future. The team has won a number of awards, including the AFG Excellence Awards 2016 Finalists – Top 30 Loan Writers (Paul Prindiville) and Top 15 Organisations (Blackburne Mortgage Broking), AFG Mortgage Broker of the Year Finalist 2013, 2014 and 2015.

  1. As a property investor, how do I decide which lender is right for me?

“We focus on far more than the best interest rate or mortgage product when matching clients with lenders,” says Curtis Lunney of Trilogy Funding.

“Ours is a personal, integrated approach that accounts for your specific needs both today and tomorrow. Working closely with property investors, we formulate a comprehensive credit strategy that complements your long-term investment plans and objectives.

“As experienced investors in our own right, Trilogy Funding mortgage brokers recognise that your wealth creation journey doesn’t stop with your first property purchase. As such, you require a finance portfolio that can go the distance.

So, what’s the secret to identifying the best possible lender for you? Here are the steps Trilogy Funding uses:

i. Structure

Will you acquire the asset as a private purchaser, or within a more complex Trust or Company arrangement? Not all residential lenders will accept the structure your investment is purchased or held in.

ii. Security

The type of property you purchase can also significantly expand or narrow the field of lenders from whom you have to select. If you plan on purchasing four townhouses on a single title for instance, only a handful of mortgage providers will be willing to comply.

Other factors, including location, a fixed rate loan attached to the security, different caveats or special dispensations on the land or limited use (eg. student or holiday accommodation) can all restrict your lender options, with a growing number of banks now shying away from newly constructed apartment

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