Refinancing
Sometimes the right answer is to leave it where it is.
A quick conversation either finds you something worth moving for, or it gives you the peace of mind of leaving it exactly where it is.
What I actually look at.
People usually ring about refinancing because a rate has moved or a fixed period is ending. Those are reasonable triggers, but they are not the whole picture, and moving for a small difference can cost you more than it saves once fees and a fresh thirty year term are counted.
What I look at is whether the structure still suits your life. Whether an offset is doing anything. Whether the split between loans still makes sense. Whether the loan term quietly reset the last time somebody moved you. Whether releasing equity is genuinely useful or just available.
Sometimes the honest answer is that you are on a reasonable deal, correctly structured, and there is nothing here worth the paperwork. I would rather tell you that and keep the relationship than move you for the sake of it.
What that covers
The situations this comes up in.
Coming off a fixed rate
Worth starting the conversation well before it rolls, because the options narrow once it has and the revert rate is rarely the one you would have chosen.
You bought at a high LVR
That is the size of the loan against the value of the property. If you borrowed most of the purchase price and the property has moved since, you may have crossed a threshold that changes what lenders will offer you, and nobody writes to tell you.
Same lender for two years or more
Loyalty is not usually priced into a mortgage. It is worth knowing what your own lender would do for a new customer today, which is a question I can ask on your behalf before anyone moves anything.
Consolidating
Sometimes sensible, sometimes it just moves short term debt onto a thirty year term. Depends entirely on the numbers and on what caused it.
Releasing equity
For a renovation, a deposit on an investment, or a business need. The structure matters more here than the rate.
Restructuring after a change
Separation, a death in the family, a business changing shape. These files need a person, not a portal.
Refinancing may involve break costs, discharge fees, application fees and a new loan term. Whether it is appropriate depends entirely on your circumstances, and this page is general information only.
Worth a conversation before you go to a bank.
No obligation, no application, and I will tell you honestly if I am not the right person for it. Give me a call or send a note and I will come back to you.
Belrose NSW By appointment Northern Beaches and Eastern Suburbs