Menu

Refinance Home Loan or Investment Loan

Mortgage Broker

Refinancing your home loan can be a good solution to save money on interest repayments and fees on your current loan. It may also be beneficial if you seek greater flexibility with your loan. Flexibility such as being able to make extra repayments, using redraw and offset accounts for mortgage reduction where other loans may be restrictive. Other features such as greater flexibility in the types of properties that can be purchased especially for property investors.

There are many pitfalls when it come to refinancing and sometimes it is best to stay with your current lender as the costs are too significant to justify the change.

The Cost of Refinancing

Before refinancing it is important to calculate the cost of refinancing. You will need to take into account exit and entry fees.

Exit Fees

The best way to find out the total exit fees from your current lender is to contact them directly. They should be able to give you the exact pay out figure.

Some of the exit fees to consider when refinancing;

Early Exit Fee - this no longer applies to new loans but some loans pre 2012 may still have early exit fees stanched to them. Check with your lender.

Discharge of Mortgage Fee - this is the legal cost for discharging the mortgage. Can range between $100 and $600. Contact your lender

Break Fees - is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.

Entry Fees

Loan Application Fee - Depending on the lender they can charge a loan establishment fee for a new loan

Lenders Mortgage Insurance - if you borrow more than 80% of the properties value regular loans or 60% for low doc loans lenders mortgage insurance will need to be paid.

Discharge & Registration of Mortgage Documents - approximately $200 depending on the State Government

Solicitor Costs - if you use a solicitor to refinance your loan then there will be a fee. Generally, most people act for themselves when refinancing their mortgage

Break Fees - is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.

Try our refinance mortgage calculator to see is it is worth refinancing your home and or investment loan.

Find out is you are paying too much on your mortgage

Go to our mortgage comparison page and compare interest rates, loan repayments and fees.

If you need help contact one of our advisors and they can help you with;

Give you an honest opinion if you are paying too much on your current home loan or investment loans

Compare your loan to hundreds of other loans

Strategies to help reduce the cost of refinancing and mortgage reduction

Cost analysis to see if it is worth refinancing

Contact us or request a refinance quote by clicking the button below

Refinance Quote