REFINANCE NOW AND GET $4000 CASHBACK*
JUST ANOTHER REASON TO SPEAK TO OUR TEAM TODAY
The RBA has cut interest rates twice this year
Has your bank done the same for you?
If you have had your home loan for over 2 years, you may be on an
uncompetitive interest rate.
Find out how much you can save
We promise to get back to you within 4 business hours
Why should you refinance now?
Many lenders reserve their most competitive rates for refinancers with equity in their property. That is why it’s always a good idea to review your home loan every few years, just to be sure you’re still getting a competitive deal!
Especially with the recent Reserve Bank of Australia announcements of increasing cash rates across Australia, the big banks are only set to increase interest rates dramatically over the next couple of months.
So, NOW may just be the BEST TIME to consider refinancing your mortgage!
Plus, did you know that some banks will actually give you money to refinance your mortgage with them? So, you can benefit by switching to a lender that has a competitive interest rate and get a cash rebate for doing so.
Cash Rebate
+
A Better Interest Rate
=
A Happy You
What we'll do for you
Compare Thousands Of Home Loans.
Clearly Explain Loan Features, Options, Fees & Charges.
Show You How We Could Save You Thousands When You Refinance.
Take The Hard Work & Stress Out Of The Home Loan Process.
Why should I refinance my loan?
Reduce your home loan repayments
If interest rates have changed since you got your original home loan, you could be able to refinance into a new loan with a lower rate. This can save you thousands of dollars over the life of your loan.
Consolidate your debt
Pay out your credit card and personal loans under your mortgage. Pay off all of your deebts with one home loan repayment and a single, lower interest rate.
Increase your loan and take cash out
Has your house now gone up in value? Refinance your home loan to get access to some extra cash for investment or personal use.
Renovate your home
Kitchen or bathroom looking a little tired? Access your home equity to fund some renovations and give your home a new lease on life.
How to refinance your mortgage
Get a free Home Loan Health Check
We will compare hundreds of home loans with your current loan to make sure you’re getting the best deal.
Find out how much you can save
Your broker will crunch the numbers and figure out whether you’ll be better off refinancing.
We’ll do all the paperwork for you
Once you’ve chosen you loan, we’ll do everything required to submit the loan and get it approved.
Why do I need a broker if I can get a loan through my bank?
Compare these two options when refinancing your loan:
Refinance with Hunter Galloway
- We take extra time up front to go through your full situation and provide a complete lending solution.
- Our brokers will look at your needs now and into the future, to make sure you have the best possible loan that looks after all of your needs.
- A mortgage broker acts on your behalf to arrange a home loan through a bank or lender. Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these parties that fit with your individual situation.
Apply directly to a lender
- You might have a situation where your bank will approve a loan for you to buy a block of land and then not approve the construction loan when its time to construct a house on it.
- Quite often bank policy can be set in stone, and due to the complexity bank staff quite honestly don’t know it nor do many mortgage brokers Brisbane. They are not familiar with complex situations and how to correctly assess them. This can sometimes cause it to take quite a long time to process your application and even in some instances mean your loan will get declined for no good reason.
How much does it cost to use a broker?
Our services are completely free for all home and investment loans. We get paid by the lenders for doing the work, collating your loan application and meeting with you. This work would otherwise be done by a bank manager or branch lender so you get access to the same rates as if you went to the lender directly.
The advantage for you is that unlike when dealing with one bank, we can help you work with a wider variety of lenders and get the best options that work for you choosing from our panel of over 30 banks and lenders!
Would you like to learn about your options?
Case study: Mark and Joanna
The situation:
They went to their bank directly to renegotiate thier loan. The bank told them there wasn’t anything they could do.
The solution:
Original home loan rate: 3.00%.
Refinanced home loan rate: 2.78% (saving 0.22%)
Original investment loan rate: 3.84%
Refinanced investment loan rate: 3.33% (saving 0.51%)
Frequently Asked Questions
Refinancing refers to the process of changing your existing home loan for a new one. You can refinance your loan with your current lender, or more commonly, you transfer your loan to a new bank.
When you take you a new home loan, you will use some or all of the funds from the new loan to pay out your current loan. Once you have paid off your existing loan, your mortgage with your current bank will be closed and you will start making repayments to your new lender. In order to refinance your loan you will need to complete the following steps:
- Shop around for a new loan (or save yourself the trouble and have one of our friendly mortgage brokers shop around for you). Once you find the right lender and the right home loan, you will start the application process.
- When you begin the application process, the lender will complete an initial assessment to make sure that you can afford the new loan. They will want to take a look at supporting documentation such as payslips and your current home loan statements. Once completed, assuming that you qualify, they will issue a conditional approval for your loan.
- Next, the bank may order a property valuation. This valuation will determine how much you can borrow and whether your property is an acceptable security for the loan.
- Once the valuation and any other conditions have been reviewed, the bank will unconditionally approve your loan and send contracts for you to sign and return.
- The bank will contact your previous lender to arrange a changeover of the loan once they receive your signed contracts. This changeover process is called settlement and occurs on a date mutually agreed upon by the banks.
- On settlement day, your old loan will be paid out and the title of the property will be handed over to your new lender.
- Once settlement is complete, you will start making repayments to your new bank.
Refinancing your home loan can open up a lot of different opportunities for you to better manage your finances, including:
- Consolidate your debt into one repayment (for example, personal loans or credit card debt)
- Get a better home loan product with more flexible features
- Reduce your loan repayments by securing a lower interest rate
- Invest in shares or property using the equity of your home
- Unlock some extra cash to renovate your home
- Repay your mortgage faster
Absolutely. Many borrowers refinance their loans at a higher loan amount. You can use this to fund other expenses, such as renovations, holidays, a new car, or debt consolidation.
You can typically borrow up to 80% of the value of your property. For example, if your property is worth $650,000 and your loan amount is $450,000, you could borrow up to an additional $70,000 (bringing your new loan amount up to $520,000 which is 80% of your property’s value).
It is possible to refinance your mortgage if you have bad credit, but it is a bit more difficult. It comes down to finding the right lender and demonstrating a promising outlook that you’re making a conscious effort to improve your credit rating.
We will need to get a copy of your credit file, work on trimming your debt, and work closely with a specialist lender to refinance your loan. You will also need to borrow less than 80% of the value of your home.
That being said, we are often able to negotiate a better rate for you even if you choose to stay with your existing bank.
If the outstanding balance of your loan is higher than 80% of your property’s value you may need to pay LMI with your new lender. LMI is not transferable between lenders, so if you refinance to another lender, if your loan is not below 80%, it will be payable again. If your loan amount is below 80% you will not need to pay LMI again.
Why Choose Hunter Galloway As Your Mortgage Broker?
One Of The Lowest Rejection Rate
The heights rated and most reviewed
We have direct access to 30+ banks and lenders
Across Australia
Our reputation and achievements
Market average rejection rate is 40 %, Our rejection rate is 3 %
Google reviews of our customers
We have built a brilliant reputation for being extremely well organised, helpful and making the home loan process as smooth as possible
Don't want to change bank?
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