Refinance & Equity Release
Whether driven by a change in your situation or a change in interest rates, you may be considering refinancing to either release some equity or access a sharper rate.
It makes good financial sense to regularly review your home loan, whether it be to reduce your interest rate or the fees you pay. Having wide access to over 25 lenders ensures we can help you review your options such as fixed/variable repayments, consolidating personal debt, or accessing equity for renovations.
How to Refinance
When you’re at the beginning of your refinancing journey, you might be wondering what’s involved. Is refinancing worthwhile? Will it be time consuming? Do you need to provide all the same paperwork as when you first applied for your loan? That’s where we come in. Refinancing with the help of ACW Finance makes it that much easier. We’ll crunch the numbers and work out if it’s a smart move, and if it is, we’ll handle everything, including the paperwork.
There are some things you’ll need to remember when you’re looking to refinance, including potentially needing to value your property. This helps your new lender determine how much they can lend to you through the refinance. There will also be some documentation and paperwork you will need to provide to reflect your current financial position.
When and Why to Refinance
There are many reasons to consider refinancing. You may have had your home loan for a while and you think it’s time to check if you can save with a lower interest rate. Or maybe you are looking to consolidate debts. You could be dreaming about a holiday, or a new car, or a renovation project - and accessing equity could help those goals come true. Or maybe your circumstances or the market is changing and it’s time for a home loan health check to see if you can get a better deal for the next season of your life.
Whatever the reason, we will help you weigh up the pros and cons of refinancing and consider when refinancing might suit you and your situation.
Eligibility to Refinance
Qualifying for refinancing may be harder than you expect as many lenders have tightened their lending requirements, meaning a loan that passed a couple of years ago may no longer be approved. With these changing market conditions there’s never been a better time to have a broker by your side who can navigate these changes and help you know if you’re eligible to refinance.
Of course there are several other factors to consider that can impact eligibility when refinancing, including the type of loan and loan term you’re on and your current financial circumstances. In this changing regulatory environment you’ll also need to consider your credit history and the amount of equity you hold in your property.
When done properly under the right circumstances, loan refinancing can be very beneficial. However, there are drawbacks involved - namely the cost. The reasons for refinancing should be legitimate and the long-term savings should outweigh the short-term costs which is why ACW Finance is the right company to assist you.