8 Out Of 10 Aussies Are Paying More Interest On Home Loans Aug 13, 2018 | Home Loan In our swiftly changing lives, you may observe that your loan no longer offers the features that you need or desire. Thousands of Aussie homeowners are trapped in a mortgage stockade with new lending guidelines, not letting them to refinance their loans to get a better home loan rate. Many borrowers don’t realize how much they could save by refinancing and how savings can benefit them achieve their financial goals. The main reason for this, among those who’d never refinanced, was the belief that they wouldn’t get a better deal. In the bargain, they are missing out on some highly competitive pricing and options available in the market like refinance of investment that ought to be chosen by the people. Now is always a great time to look around that you have the right loan for your needs. A shift in circumstances may mean it is time to revisit your home finances. For many, the idea of refinancing a mortgage can be daunting. But here, you’ll get to know why to refinance of your home loan is essential. Refinancing simply means taking out a new loan to pay out your current mortgage. There is a whole range of reasons why it’s worth making the move to a new home loan. Refinancing of a home loan is worth if you are planning to take out a new loan to pay out your current mortgage. Most importantly, while taking a step towards refinancing, you need to be very sure about whether you can afford to borrow or not. Refinancing is surprisingly trouble-free. It’s a far cry from the days of running around locating and compiling reams of paperwork. Why would you choose to refinance your home loan? These are the purposes you may choose to refinance your home loan In case you’re not satisfied with your current lender, by observing around you may find lenders who will give you a better interest rate, or better customer experience. Usually, when you want to renovate your home, you’ll need to borrow money. This is often immediate to look around for a better deal and refinance, also you can enhance the level of your current loan. Allowsyou to consolidate multiple debts into one repayment and saves you from paying higher interest rate on personal loans and credit cards etc. The following list of documents is required to refinance application process: Verifies that you have a stable job and consistent income It is necessary for loan applicants to verify all your past employment and income history. Verified 100-point ID’s of all applicants i.e. passport and driver license Current pay slips for PAYG employees or 2 years of individual & company tax returns for Self-employed applicants 3 months bank statement showing salary credit of all applicants 6 months home loan statement of the property loan you are looking to refinance Current statements of all your debts i.e. credit card, personal loan, car loan etc. Current property’s council rates notice Connect with our lending specialist today: If you’re thinking to refinance your home loan you can call us on 02 8322 6895 / 02 8322 6896 to talk to our lending specialist, or visit us online at info@yourfinanceadviser.com.au.
