Why
refinance?
There are a
number of good reasons why you might want to refinance
your loan including...
You can also
refinance to access equity for investment. If you are in
this category then it will also be useful to see our
Investment property loan
page.
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, CPA Homeloans
is 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.
Access Your Home
Equity
More and more
people are refinancing 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.
Consolidate
debt
Provided you
have sufficient existing equity in your home you may also
be able to refinance your home loan to pay out higher
interest rate loans you may have ie 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 because 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 will
go as high as 95%.
CPA Homeloans
mortgage service is provided to you completely free of
charge. We can do this because our lenders (30 of
Australia's main lending institutions) pay us commissions
based on the wholesale volume of loans our group refers
to them. We can therefore, offer you our experience and
expertise, and guide you through the entire home buying
journey, without charging you a cent. You end up with
exactly the same loan if you'd organised it through a
bank yourself, but we do all the leg work and
negotiations with the banks for you ..... a great result!
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