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Refinance Home Loans with Zenith

Our financial situations and goals naturally evolve over time. As market conditions shift, your financial circumstances may differ significantly from when you first got your loan.

It’s important to reassess and adjust your home loan options in these cases. Refinancing can be an excellent way to save money and access more competitive rates and discounts in the current market.

Explore multiple home loan options and secure the best rates without the hassle of visiting various banks and lenders. Refinance with Zenith to save time and money, whether you’re consolidating loans, freeing up equity, or simply seeking a better lending option.

Refinance Home Loans

What is Refinancing?

Refinancing a mortgage means replacing your existing home loan with a new one to secure better terms and conditions. This process often aims to achieve a lower interest rate, reduce monthly payments, shorten the loan term, or access home equity for other financial needs. To refinance, you apply for a new loan that pays off your current mortgage, and then you make payments on the new loan. The benefits can include saving money over time, lowering your monthly payments, enabling faster loan repayment, or providing extra cash for expenses like renovations or debt consolidation. However, it’s important to consider the costs involved, such as application fees, appraisal fees, and closing costs, and compare these against the potential savings.

Reasons to Consider Refinancing

Your financial situations and goals naturally change over time, here’s why you may consider refinancing your existing loan:

  • You want to switch to a loan with a lower interest rate
  • You want a loan product that offers specific features (e.g., offset or redraw)
  • You want to consolidate your debts.
  • You prefer a loan where the interest rate doesn’t change.
  • You are looking to release equity for home improvements.
  • You are looking to release equity for future investments (e.g., property and shares)

Refinancing to a Lower Rate

Here are the benefits of refinancing to a lower interest rate:

  • Lower Monthly Repayments: A reduced interest rate typically means lower monthly mortgage payments, freeing up cash for other expenses or savings.
  • Interest Savings: Over the life of the loan, a lower rate can result in significant interest savings, reducing the overall cost of your mortgage.
  • Debt Reduction: By lowering your monthly payments, you can use the extra funds to pay down other debts more quickly.
  • Improved Cash Flow: Reduced payments can improve your overall cash flow, giving you more financial flexibility.
  • Shorter Loan Term: You might be able to refinance to a shorter loan term without increasing your monthly payment, helping you pay off your mortgage faster.
  • Home Equity Access: If your home’s value has increased, refinancing can allow you to tap into home equity for renovations, education, or other large expenses.

How Much Can I Save By Refinancing?

The amount you’ll save depends on how much lower your new interest rate is compared to your current one. While the RBA cash rate impacts interest rates, many banks and lenders are offering competitive rates to attract new customers. If you’re looking to reduce your repayments, you might consider temporarily switching from Principal and Interest (P&I) repayments to Interest Only (I/O).

Additionally, refinancing personal loans as part of your property refinance can consolidate higher-cost debts into your lower-cost home loan, saving you more money since credit card, personal loan, and car loan interest rates are usually much higher than home loan rates.

We’ll review all the costs associated with refinancing and provide a detailed breakdown of the benefits you’ll receive by refinancing.

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There’s more to a home loan than just the interest rate, especially if it’s been a while since you bought your house. New features might be available that you weren’t aware of.

You could be interested in options designed to help you save on interest and pay off your loan faster, such as offset accounts or the ability to make extra repayments. You might also want to consider splitting your loan between variable and fixed rates. Some home loans allow you to choose your repayment frequency, offer a rewards credit card, or let you redraw your extra repayments without any fees.

You could also be interested in changing your repayment type from Principal & Interest to Interest Only or vice versa.

Your property may have accumulated equity due to an increase in the property value and/or your loan balance has been paid down. We assist in calculating your available equity and help you unlock this equity to be used towards any worthwhile purpose of your choice. Some common uses of equity include funding renovations, purchasing properties, investing into shares, holidays and debt consolidation

Refinancing a home loan often takes 2-6 weeks. We’ve helped thousands of clients get approved including refinancing home loans.

Make a booking to have a telephone consultation with us and we’ll assess your refinancing options and provide a more accurate timeframe according to your chosen lender and whether you have all documents prepared and ready.

The benefits of working with a mortgage broker include the following:

  • Negotiate better rates and loan features.
  • You can save time, money, and credit score hits by having a mortgage broker do the legwork, present options from lenders, prepare your application, negotiate on your behalf, and follow up on the application.
  • Gain expertise and guidance in selecting the best refinance lender for your unique financial circumstances.

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Having encountered thousands of different scenarios, our team is well equipped to find you suitable solutions. Having the right mortgage broker by your side is essential to ensure you are getting the absolute best deal for your unique situation.

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We understand everyone’s circumstances are different and we take the time to understand you and your goals. We value forming lifelong relationships with all our clients and we are fully committed to adding value every step of the way.
 
We know that mortgages can sometimes be complex and hard to understand. We focus on simplifying the process for you and we treat your loan as if it were our very own. Let us do what we do best so there’s one less thing for you to worry about.

Frequently Asked Questions

Partnering with a mortgage broker like Zenith can significantly streamline your home loan journey. We provide expert advice on loan products carefully tailored to your unique financial situation. By handling the legwork, comparing multiple options, managing paperwork, and negotiating better terms, we save you valuable time and help identify potential hidden fees. As we are not tied to any single lender, we can select the best loan for your needs, ensuring you secure the most suitable deal. Additionally, we proactively review your interest rate multiple times per year to ensure you remain on the most competitive rate available, maximising your savings and giving you long-term peace of mind.

Our services are provided at no cost to you. We receive compensation directly from the lender you choose once your loan is settled, ensuring that you can explore your options without incurring any upfront fees.

Each lender has unique criteria and requirements that must be met before they approve a loan. Our team takes the time to thoroughly analyse your credit history, income situation, and the specific strengths and weaknesses of your financial circumstances. This allows us to match you with the most suitable lender and loan package tailored to your needs. Our experienced professionals will provide you with comprehensive information, ensuring you have everything necessary to make an informed decision.

To begin, we’ll work closely with you to understand your goals and objectives. We’ll then gather and review all necessary supporting documents to ensure we have a comprehensive understanding of your situation. Once we have sufficient information to make a personalised recommendation, the next step will depend on the chosen lender’s processing timeline. This can vary from several weeks to a few months, which is why we strongly advise initiating the process as early as possible, especially when it comes to property purchases, where timing can be crucial.

You may not always qualify for financing from a specific bank. After assessing your unique situation, we’ll work to find you the lowest possible interest rate from eligible lenders. While interest rates are important, they’re just one piece of the puzzle. We’ll also help you consider all other fees and features associated with each loan option, ensuring you have a complete understanding of your choices and can make an informed decision that best suits your needs.

Typically, lenders require a minimum deposit of 5% of the property’s purchase price to secure a home loan. However, in some cases, it may be possible to proceed with a lower deposit. Keep in mind that if your deposit is less than 20% of the property’s price, you may need to pay Lenders Mortgage Insurance (LMI), unless you qualify for an LMI waiver. To explore your options and determine the best approach for your situation.

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