Discover a better interest rate in Brisbane.
As your financial situation evolves over time, you may find that the loan features you agreed to as a first home buyer no longer fit with your goals. They could even be preventing you from achieving financial freedom sooner. Refinancing can offer valuable alternatives to loan holders who seek more equitable repayments that fit with their income. Borro’s™ team of experienced refinancing brokers can help you transition to a new loan that reflects your ambitions and guides you to a more rewarding financial future.
Refinance Home Loans Brisbane
As we know, interest rates are in a constant state of flux, which is why Borro™ suggests reviewing your loan details on an annual basis. Making the decision to refinance can grant you access to better interest rates, helping you to save more over the life of your loan. Refinancing can also help you consolidate debts or unlock more equity within your home to fund value-adding renovations, purchase a new vehicle or place a deposit on an investment property. If you want to refinance a home loan, get in touch today.
WHY YOU SHOULD REFINANCE YOUR HOME LOAN IN BRISBANE
Foster a healthier financial future.
Why choose to refinance with Borro™?
Access to better borrowing solutions.
Collaboration and communication.
Borro™ is not just a collection of brokers. We are a unit. And to deliver the best outcome for your financial situation, we talk, work together and use our collective power to rise above and beyond your expectations.
Excellence and ethics.
We have a stellar reputation and loyal customers for a reason… We keep things simple and straightforward. Borro™ earns trust by being fully honest and always striving for the best result for our clients.
Motivation and mastery.
Borro™ always aims for more. We stay on top of market trends, constantly improving our methods to make sure our clients receive amazing service and have a smooth and easy borrowing journey.
Borro™ acts with integrity. When it comes to finance, we think it’s vital to be honest and avoid false claims. We are here to assist, but you can count on Borro™ to be frank and direct.
BORRO’S TRANSPARENT PROCESS
Find your finance in 4 easy steps
First determine your eligibility in switching to a Borro™ home loan.
Fill out the online application form or talk with one of our friendly Borro™ brokers.
If your application is approved, we’ll send through your documents online to review.
Cross the t’s and dot the i’s. Sit back, relax and start saving.
REFINANCE HOME LOAN BRISBANE: FREQUENTLY ASKED QUESTIONS
In case you missed something.
The ACCC Home Loan Price Inquiry report recommended that lenders prompt borrowers to consider refinancing every 3 years. However, at Borro™ we believe that a reassessment of your existing mortgage should be carried out once a year for maximum benefit. This doesn’t mean that you need to do a complete mortgage refinance every 12 months. But a reassessment completed by an experienced mortgage broker will tell you if your home loan is still offering a competitive interest rate or whether you would be better off refinancing. Additionally, it’s important to do a home loan reassessment whenever you’re approaching the end of a fixed interest rate period. This is because most lenders will automatically roll a home loan over to their standard variable rate once the fixed rate loan term has concluded (which may be significantly higher than your current low fixed rate home loan).
If you’re considering refinancing your home loan, start by talking to a professional mortgage broker at Borro™. Together we can understand what you hope to achieve from refinancing and answer any questions that you may have. We can then assess your current home loan and compare it with a wide range of products from a diverse panel of 30+ lenders. Once we’ve identified which home loan product is most suitable for you, we can begin your refinance application.
The process of mortgage refinancing is similar to what you would have experienced when you applied for your original home loan. The new lender will ask for evidence of your current income and living expenses, as well as recent statements from your current mortgage lender. They’ll also arrange for an evaluation of your property to determine how much equity you currently have. The good thing about refinancing is that borrowers are often in a stronger financial position than when they were first home buyers. And the stronger your financial position, the easier it is for us to negotiate better loan terms.
Once the home loan refinance has been approved, the new lender will arrange for your existing home loan to be repaid in full. You’ll then start making weekly or monthly repayments to the new lender.
Some borrowers hold off on home loan refinancing because they’re happy with their current lender and don’t like the idea of having to switch. The good news is refinancing doesn’t necessarily mean changing lenders. We can approach your existing lender about refinancing your current home loan to a product with a more competitive interest rate or with more suitable loan features. Many lenders will readily allow existing customers to refinance because it’s more economical for them to lower your rate than lose your business altogether.
Lender’s Mortgage Insurance (LMI) is a type of insurance that protects lenders in case a borrower defaults on their loan. It is typically required when a borrower has a deposit of less than 20% of the property’s value.
If your repayment amount is still more than 80% when you refinance the loan, you will likely still need lender’s mortgage insurance. When you refinance with Borro™, we will work hard to find the optimal solution for your financial situation, including when it comes to lender’s mortgage insurance.
According to a 2020 study by CoreData, almost 1 in 2 homeowners don’t think banks are acting in their best interests. Additionally, over half of those surveyed were sceptical about whether a bank would provide them with unbiased financial advice. Considering this is how so many homeowners feel, it’s easy to see why some may be hesitant to refinance.
Fortunately, the mortgage brokers at Borro™ can help. Our brokers are governed by legislation known as ‘Best Interests Duty’, which means that we are legally required to always act in the best interests of our customers. We can provide you with advice that is totally unbiased and tailored to suit your current financial situation. So, when you work with a broker from Borro™, you can trust that you’re getting the best refinance deal to suit your needs.
The experienced team of mortgage brokers at Borro™ can help you successfully restructure your home loan repayments, ensuring that when you refinance, you’ll always come out in front and achieve more savings. If you’re ready to start the process of finding a better deal, then contact us today on Ph: 1300 1 BORRO™ or email: [email protected].