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Refinance Existing Loan

Refinancing your existing home loan can bring you substantial benefits, which may result from your changed needs or better loan opportunities now available in the market. 

There are many reasons to consider refinancing your loan. Your current home loan may no longer be the best loan type for you, or have the latest loan features or flexibility you want, or maybe the rates on your existing loan are more expensive or restrictive than they should be.

Loans improve over time, with many new loans or promotions by lenders offering extra loan features and different terms. It is well worth your while to contact a Time Finance Loan Consultant to see what loans and loan features would now better suit your needs, or request a Loan Check-up to get started. 

Reasons to refinance

You can refinance for any one or combination of the following reasons:

  • You want to get a cheaper interest rate

  • To reduce your monthly commitments and improve cash flow

  • You want additional funds to renovate your home

  • For Debt Consolidation purposes - if you want to pay off your debts quicker and cheaper by rolling them into your home loan

  • You want to raise cash for a purchase

  • You want to roll all your accounts into one home loan account eg apply savings money to your loan - an "all-in-one" account

  • You want to switch from a fixed rate to a variable rate

  • You want to switch from a variable rate to a fixed rate, for the benefit of certainty of repayments

  • You want a break or holiday period off making repayments

  • You want to restructure your finances and improve tax benefits

  • By consolidating various smaller debts like credit cards or personal loans into one large debt, you may be able to reduce interest rates or lower your monthly repayments

  • Getting the simplicity of only having one loan to keep track of

When you refinance, the new loan funds will pay out your existing loan and depending on the amount you refinance, you may have extra funds to use for a variety of reasons. The new loan often comes from a different lender, but we also refinance for people with the same lender who they've been using for years.

Good refinancing tips

  • Make sure your new loan repayments get your loan paid off as quickly - or even faster - than the previous loan did. Also check that the associated costs are the same or less

  • If you have spare money, create an "all-in-one" loan that lets you apply all your spare money to repayments

  • Know how much certainty you want in repayments and the impact on your finances when the market rates change. When you change from variable to fixed or vice-versa, there are costs when switching

  • Identify exactly what you want the extra cash for, and be strict on repaying this amount off so that you pay off the larger loan in the minimum of extra time

  • Keep flexibility in your loan to suit your future needs, allowing you to make extra repayments and redraw later if you need to

  • Try to keep your refinance amount at less than 80 per cent of your property's conservative value, to avoid paying the Lenders Mortgage Insurance

  • Your Time Finance Loan Consultant will take care of the process of paying out your existing loan with the lender

  • When it's time to look for a better interest rate on your current home loan, the professional mortgage brokers at Time Finance can help you with over 650 financial products available, a better deal with the lowest interest rate, and features that meet your requirements

Time for a loan check-up?

It's definitely time to maximise what you have to suit your lifestyle needs. Enquire now or make time for a Loan Check-up.

 

Time is what we want most, but... what we use worst.
William Penn

 

Refinance Existing Loan

  • Ideal if your needs have changed
  • Better loan products now available
  • Get the right loan for your life now
  • Increase flexibility
  • Gain simplicity
  • Reduce costs
  • Let refinancing work for you
  • Use the ‘loan check-up’ to get started

Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.

Call 1300 833 839 or enquire online ›››

Choose from over 650 loan products from Australia's Top Banks and Mortgage Lenders.