Refinancing

 

 

 

 

 

CAN REFINANCING SAVE ME MONEY?

Can refinancing save me money?

Allow our specialist team at Puzzle Box Finance help you to discover if there is money to be saved by refinancing. With interest rates currently at record lows, now is the time to investigate whether or not you are getting the best deal possible from your bank. It’s important to note, that refinancing with your current provider may not always be in your best interest. These days, banks don’t typically reward you for your loyalty. Lenders generally offer more competitive deals to ‘new to bank’ clients, which can result in lower rates than the deal on offer through your bank. The result? More money in your pocket.

What benefits are there in refinancing?
 
While the most obvious benefit is securing a lower rate and potentially paying less in fees, there are other notable benefits when it comes to refinancing. You may have other debts you would like to consolidate to minimise your repayments.

Consolidating debts such as credit cards, personal loans or car loans in to your mortgage, can actually be beneficial if done correctly. Guidance from one of our experts can help you determine if this might be the best course of action for you. 
 
Looking to renovate your current property?

Puzzle Box Finance can provide helpful advice on how much available equity you currently have in your property. We can guide you through what your options are, whilst remaining independent. Having assisted many clients with refinancing for renovations, some have actually ended up paying less on their monthly repayments! All thanks to the expertise of our team who were able to negotiate a lower rate for them.

Has your property increased in value?

If the value of your property has increased, it may be possible to achieve a better rate. In many cases the increased value of your property and greater equity can assist you in obtaining a better interest rate. Our team can help you discover if this applies to you and your current situation.

I’d like to pay my loan off faster

It may be possible for you to change the length of your loan term, refinancing to pay your loan off quicker may be an option you haven’t yet explored. By refinancing and reducing the length of your loan term to a shorter period, it could be possible for you to pay off your loan faster.

Can I reduce my monthly repayments?
 
Let us find out for you! Fill out our enquiry form and one of our mortgage brokers will be in contact to discuss the options available to you. Enjoy friendly and professional advice that you can rely on, we’ll guide you through the process step by step.

 
Are there costs involved in refinancing?
 
Yes, there are costs involved with refinancing your home loan to a different bank. It’s important to look at the bigger picture when exploring the options of refinancing, the overall savings can far outweigh the upfront costs involved. Firstly, the bank you are currently with will charge you a discharge fee. On average this fee is generally around $350. On top of your discharge fee there are government fees totalling $262.30 (approx.). Your new bank may also charge application or establishment fees. Although rare, I always advise clients to allow $1,000 for costs associated with refinancing.

The great news is, that in some instances there can be bank rebates available when refinancing, we’ll find out for you and deliver the best advice for you and your family.

Understanding your options

It can be overwhelming trying to understand all the information associated with refinancing, Puzzle Box Finance are on hand every step of the way to walk you through the best options for you. Start the process with a friendly enquiry here