Home Loan Advice Centre guides you through the entire home buying journey, without charging you for our service. Click here for our 5 minute online enquiry page . We’ll assess your loan options and send you a full report of your capacity.
The amount you can borrow is affected by your income, your deposit, and bank’s serviceabilty criteria which is linked to interest rates, cost of living, and your existing liabilities etc. See our Borrowing Power calculator for a rough estimate.
Home Loan Advice Centre helps borrowers Australia-wide. We specialise in Sydney and NSW and regularly help clients in remote areas and other states. Feel free to contact us on 02-9210-1000 or 1300-729-177 to see how we can help you.
There could be a number of good reasons why you might want to consider refinancing your loan including…
- Saving money with a lower interest rate
- Accessing the equity in your home for personal reasons
- Debt consolidation
- Access equity for an investment property purchase. See also our Investment property loan
Save Money With A Lower Interest Rate
All the lenders in the market are continually competing against each other for your loan. That’s part of the reason our industry (mortgage broking) exists. Because we are not tied to or influenced by any lender, Home Loan Advice Centre are able show you who’ll give you the best deals from a wide choice of lenders. In fact our software compares over 25 of Australia’s main lenders on interest rates, lending amount, loan features, and costs.
Different lenders release different special deals at various times and therefore there is a good chance that we can find a deal that will save you thousands on your loan. We can show you how your interest rate compares to other rates in the market.
If more stability and confidence of your repayments is what you’re after then perhaps you may want to consider fixed rates. Fixed rates are more determined by activity of the fixed rate traders within the major banks and although influenced by the opinions of the Reserve Bank of Australia (RBA), they are not absolutely tied to the rates that the RBA set from time to time. Because of this mechanism, the fixed rates that the lenders have on offer tend to vary more than the variation seen between variable rates. Speak to us to find out how the lenders compare..
Access Your Home Equity
Borrowers often refinance as a way to access the equity in their property for purposes as varied as renovation, personal purchases, or consolidating higher interest debt (such as car loans, personal loans, or credit cards) into lower rate home loan debt.
The key is if you have sufficient equity in your property. Equity is the difference between what your property is worth and the loan you have on it. If you have substantial equity in your home, you may be able to refinance to release some of that equity and if you have no immediate use for any released funds, with most lenders, you can simply place the funds straight back into the loan (or into an offset account if applicable) so that no interestis incurred on the released funds until the funds need to be used (spent).
Provided you have sufficient existing equity in your home and sufficient income servicing, you also may also be able to refinance your home loan to pay out other higher interest rate loans such as car loans, personal loans, or credit card debts. This may allow you to capitalise on the lower interest rates offered by home loans and could decrease your overall monthly expenditure on debts. Speak to us to determine whether your situation allows such debt consolidation. Different lenders have different rules and regulations on combining personal debt into home loan debt. Ideally if the final loan to value ratio of your debt consolidation is less than or equal to 80% you will have most flexibility with your choice of lender however there are lenders who may go as high as 90%.