Refinancing allows borrowers to obtain a loan better suited to their current circumstances. The rapid increase in homeowners equity due to rising property values in Australia has resulted in a surge of people investigating refinance options. As many as 33% of all loan applications are by people looking to refinance.  Be sure to find out what your existing loan is costing you and compare that with whatever refinancing you are offered. Also compare features of the new and old loans and factor in changeover costs.

When you are looking at whether or not to take the mortgage refinance option, you should first consider certain factors.  If your current mortgage has a fixed rate of interest which is now far above what you would normally be paying because of a downturn in the economy, then you may have to pay break costs.  Break Costs are the costs involved in paying out your fixed interest rate for the remainder of the locked in period. These costs are quite substantial if your fixed rates are far higher than the current rates

It is important to consider mortgage insurance costs if you refinance above 80% LVR and discharge fees from your old lender as these can be high if the loan is not very old.

Applicant type	Individuals, Companies, Trusts.
Employment requirements	P.A.Y.G. must be full-time or part-time permanent. If Self-Employed, two years.
Income: required proofs	P.A.Y.G. Pay slips, group certificates or employer letter. Self-employed, two years tax returns.
Loan amounts minimum & maximum	$30k > Dependant on LVR
Purpose	Owner-Occupied, or Investment
LVR	Up to 95% LVR  (with no debt consolidation) - Up to 90% LVR with debt consolidation or cash out Note: You should limited to 80% for best rates and no mortgage insurance
Coded, non-coded, or either	Either
Credit related issues	CLEAR. .
Variable, fixed or both	Both
P&I, I/O, or both	Both,
Residency Status	Citizens and permanent residents
If you wish to proceed, then we will help you to complete all the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your home loan application and the on-going communication between all parties until your home purchase is settled