Refinance: Now is a great time to refinance your home loan, as interest rates are historically low which can bring down your interest rates slashing your monthly payments, and help you pay off an existing one.
Mortgage review: Our mortgage experts analyse data from regulators and surveys providing in-depth, unbiased mortgage reviews ensuring your property purchase or refinance goes smoothly.
Home Loan Refinance
Thinking about refinancing your current home? Enjoy the advantages of the lowest official interest rates ever in Australia. The interest rate of the Reserve Bank of Australia is currently at their lowest level and has remained unchanged since August 2016, enticing many homeowners to review their current mortgage and compare it to other offers. Our home loan refinance specialists at Freshwater Financial Services can conduct a ‘health check’ of your existing mortgage account and advise whether you’re getting the best possible deal, or whether it makes sense to refinance your mortgage.
A refinancing is when you borrow money, usually from another bank or lending institution, to pay off your existing home loan. The loan holder then starts repaying the new loan rather than the previous one. Get a mortgage review today from Freshwater Financial Services to evaluate how much you qualify to borrow. We’ll help you decide whether a fixed or variable interest rate on your home loan is suitable, ensuring that your mortgage continues to meet your needs.
In addition to being able to reduce your interest rate or make partial payments on your loan, there are numerous other ways in which you can benefit from refinancing your mortgage.
As you’re paying less in interest, refinancing can enable you to meet other financial goals. Perhaps you can save up money for an overseas trip, education, or even for that renovation project you’ve been dreaming of for a long time.
By refinancing at a lower rate, you can reduce the term of your home loan. The loan could be refinanced to 15 to 20 years instead of 25 to 30 years. This translates that you could potentially be owner of that home sooner.
By refinancing your home loan and reducing the interest rate, you can improve the value of your home and decrease the amount of your monthly payments at the same time.
Mortgage Reviews & Lender Review
While looking out for finance, choosing the lender is one of the most difficult decisions home buyers make regarding their mortgage. The importance of an appropriate lender cannot be overstated.
Whenever we shop, we rely on customer reviews. Most of the time, these customer reviews are accurate because they are compared with the experiences of other people who have purchased a similar product.
That method does not work with choosing the mortgage broker in Sydney.
Our Review Methodology
We aim to make your home purchase or refinance experience easier by offering in-depth, unbiased mortgage review. Our mortgage experts review, analyse and rate each lender using data from industry regulators and customer surveys. In the case you decide to do business with a lender we reviewed, we might receive a commission, but those relationships do not influence our review process. Instead, when we review, we focus on the criteria mortgage customers care about, which depends on factors like – Minimum credit score, Minimum down payment, Variety of loan options, Customer satisfaction, Customer complaints, Online resources and More.
The following are the most important criteria we look:
Competitive Rates and Fees
Everyone wants low interest rates. Rather than just looking at their today’s interest rate, we looked at their historical rates to find out if it tends to be competitive or if it lags behind the other banks.
For specialist lenders, the rates and fees are based on the risk level of the customer. We look at their rates to see if they are fair for what they provide.
Ease of application.
If you’re refinancing, then you probably don’t mind a short delay in your loan. The same delays will cause mental breakdowns if you’re buying a home. In worst-case scenarios, people lose out on their dream home because banks are too slow.
Banks always have special offers and get flooded by applications, so they may not be as quick as we have assessed. We’re trying to find out if they tend to do things right or if they tend to let our customers down.
Flexible credit policies
Do they approve home loans for right people and refuse loans for reasons that aren’t good? Is the company treating you like a human being or just as a number?
Credit scoring is a computer algorithm that many major lenders utilize nowadays. We examined whether their credit score was accurate, whether it discriminated against particular borrower types, and whether it could be overridden where it was clearly inaccurate.
Reputable or dangerous
Every loan agreement has a clause allowing the lender to vary your interest rate.
Is it safe to trust them? The general public may not be able to tell this, but we can!
We also closely look at whether they’re really there to help customers or if they want to help their shareholders. Customer-owned banking scores highly in this area.
Discuss Your Options with Us Today
The low interest rates in Australia are a great opportunity to refinance a home loan. Contact Freshwater Financial Services
Today to learn how we can help you.
With a local presence, we’re proud to provide our services to businesses in Northern Sydney and surrounding suburbs.
We can also assist clients across NSW with all their accounting needs