Five simple refinancing steps that can save you now and in the future
The process of switching to a new home loan otherwise known as refinancing, may sound like a hassle, but it can be surprisingly easy, especially with an Aussie Broker by your side.
It’s important to remember that just like when you received your first home loan, when it comes to refinancing, there is no one-size-fits-all solution. It’s a matter of finding the home loan that meets your particular needs now and in the future - both personally and financially.
Importantly, understanding the refinancing process and how long you can expect it to take can make the whole journey much easier.
End-to-end, the entire refinancing process can take anywhere from a couple of days to just over a month, depending on the complexity of your loan. In most cases, you’ll have your new loan within two months of beginning the process.
When you’re looking to refinance, your new lender may want to value your home. Valuing the property will determine the amount of money they’re willing to lend you. Some lenders may charge you a fee for this valuation. Your broker will factor this into the numbers to be sure that refinancing is right for you.
If refinancing is on your ‘to do’ list, or it’s been over 12 months since you got your home loan, book a free appointment with an Aussie Broker to review your loan.
Refinancing isn’t as difficult as it may seem, especially when you don’t have to do it alone. An Aussie Broker can manage the process for you and could end up saving you thousands now or in the long run.