If you are unhappy with your existing lender or if you are simply looking for a better deal we have a number of home and investment loan products that may save you money in terms of interest rates and fees. If you are looking to consolidate a few debts or access some of the equity in your home we can assist you by helping you to refinance your existing debt.
How can we assist?
We can help you with the changeover by contacting your existing lender to arrange a payout figure and preparation of a discharge from your existing mortgage. We will require your written consent to do this, as well as signing any documents required by your existing lender.
We will need you to provide the last six months statements from your existing lender as proof of your existing debt and demonstration of your repayment ability.
We will require a valuation of the proposed security property and the cost of this is covered in the application fee. An additional valuation fee will be required if the property value exceeds $500,000 or if more than one valuation is required.
You might have to pay early discharge fees or exit penalties to your existing lender. The level of fees may depend on the amount of your loan and the length of time you have had your existing loan. In the overall scheme of things, these extra costs may be more than covered in the longer term by a more favourable interest rate and/or reduced fees we are able to offer.
Mortgage Stamp Duty
Providing the name of the borrower and the property remain the same mortgage stamp duty on a refinanced home loan is generally exempt. However, if you increase the amount of the loan you will be required to pay mortgage stamp duty on the amount of the increase. We will assist you to determine your situation. In NSW there is no mortgage stamp duty on an owner-occupied home.
When you obtain a payout from your existing lender it will include all their costs to clear the existing loan, including accrued interest to the date of settlement. You will need to allow for the total amount when determining the amount of money you need to borrow.
Lenders' Mortgage Insurance (LMI)
The LMI fee applies only when you borrow more than 80% of the property's value (on a full documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. We will add the cost of LMI to the loan so long as it meets product parameters.
Prior to settlement of your loan you will need to provide evidence that your property is suitably insured. In the case of a unit this will usually be insurance taken out by the Owners Corporation.
What to do now
- If you are ready to proceed, check out the home loan products and select one that best suits you.
- Work out the amount you need to borrow and use our calculator to work out your repayments. You may need to contact your existing lender to determine the full amount required to refinance your debt, including any penalties you may have to pay.
- Apply for your loan online or ring us and talk to one of our home loan Consultants to see if you qualify for a loan.
What you will need when we call you
When you apply, make sure you have the following items (we may ask for a few other things depending on your individual circumstances):
- Details of your current employment income
- Details about your assets - their value and any income you get
- Details about your ongoing expenses and regular payments
- Information about the type of loan you're after and any splits you want
- The amount that you would like to borrow
- Copies of your identification e.g. birth certificate and driver licence