REFINANCE SYDNEY
Discover a better interest rate in Sydney.
As your financial circumstances progress, you might discover that the current loan terms you agreed to as a first-time homebuyer no longer align with your goals. They may even be hindering your journey towards financial freedom. Home loan refinancing presents beneficial options for borrowers aiming for more suitable repayment structures in line with their earnings. Borro’s™ team of proficient refinancing brokers can help you smoothly transition to a new loan tailored to your aspirations, paving the way for a more fulfilling financial future.
Sydney Refinance Services
Given the ever-changing nature of interest rates, we recommend reviewing your loan details on an annual basis. Opting to refinance could open doors to better interest rates, potentially resulting in substantial savings over the life of your loan. Refinancing can also help you consolidate debts such as personal loans, car loans or credit card debt. You can also unlock more equity within your home to fund property value-adding renovations, purchase a new vehicle or even make a deposit toward an investment property.
If you want to refinance a home loan, get in touch today.
WHY YOU SHOULD REFINANCE YOUR HOME LOAN IN SYDNEY
Foster a healthier financial future.
- Get a better interest rate and save money across the life of your loan
- Make the switch from a variable interest rate to a fixed rate
- Access home equity to fund renovations, purchase new assets or use as an investment property deposit
- Consolidate debt to create manageable home loan repayments
- Access better loan features, now and in the future
Why choose to refinance with Borro™?
Collaboration and communication.
At Borro™, we transcend the individual expertise of our brokers; we operate as a unified team. Through open communication, collaborative efforts, and leveraging our collective strength, we strive to identify and deliver the optimal financial solutions tailored to your specific needs.
Excellence and ethics.
There’s a reason we have an outstanding reputation in the industry and an incredibly loyal customer base… Borro™ builds trust through crystal clear communication and one clear goal in mind: the best possible outcome for our clients.
Motivation and mastery.
Borro™ always strives for more. We lead the charge in adapting to market shifts, continuously refining our processes to guarantee our clients receive unparalleled service and enjoy a seamless borrowing experience.
No nonsense.
At Borro™, honesty is our guiding principle. When it comes to finance, we prioritise setting realistic expectations and steering clear of empty assurances. Rest assured, we’re here to assist, and you can count on Borro™ to provide straightforward and transparent advice.
We’re listening to your lending needs
Achieve your financial goals
It’s super easy to speak to one of our brokers. Book your free, no-obligation 30-minute appointment by simply selecting a time and date that suits you, and whether you’d like to discuss your loan needs by phone or virtual meeting.
Talk to a Borro broker today
BORRO™’S TRANSPARENT PROCESS
Find your finance in 4 easy steps
Step 1
First determine your eligibility in switching to a Borro™ home loan.
Step 2
Fill out the simple online application form or talk with one of our friendly Borro™ brokers.
Step 3
If your application is approved, we’ll send through your documents online to review.
Step 4
Cross the t’s and dot the i’s. Sit back, relax and start saving.
We educate and empower people, financially.
At Borro, we love educating our customers. For everything from buying your first home to getting an investment property and even getting a new ride, Borro has you covered.
Brush up with Borro Media.
How we can help you.
Review your home loans and find competitive interest rates for home loan refinance.
Helping you with car loans to purchase a new vehicle or other asset and equipment types.
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Our Sydney Locations
Lenders we work with
REFINANCE HOME LOAN SYDNEY: FREQUENTLY ASKED QUESTIONS
In case you missed something.
How Often Should You Refinance Home Loan?
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 loan should be carried out once a year for maximum benefit. This doesn’t mean that we recommend refinancing home loans every 12 months. But a reassessment completed by an experienced mortgage broker will tell you if your current home loan is still at 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, resulting in a significant increase in your monthly mortgage payments).
What’s Involved in Refinancing Your 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 compared refinance home loan rates and identified which home loan product is most suitable for you, we can begin your refinance application.
The mortgage refinancing process 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 (which may incur a valuation fee). 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, such as lower interest repayments.
Once the home loan refinance has been approved, the new lender will arrange for your existing home loan to be repaid in full. Once this has been completed, you may have to pay your previous lender a discharge fee or break cost. You’ll then start making weekly or monthly repayments to the new lender.
Does Refinancing Mean You Need to Switch Lenders?
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 home loans because it’s more economical for them to lower your rate than lose your business altogether.
Do I Still Need Lenders Mortgage Insurance?
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 loan to value ratio is still more than 80% (you still owe more than 80% of your mortgage) 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.
Who Can You Trust to Refinance Your Home Loan?
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 expert 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 mortgage repayments, ensuring that when you refinance, you’ll always come out in front and achieve great 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].
How Do Offset Accounts Affect Your Home Loan?
Having an offset account linked to your home loan can offer significant benefits. By offsetting your home loan balance with funds in the account, you can reduce the amount of interest you pay, potentially saving money and shortening the loan term. Offset accounts provide flexibility, allowing you to deposit and withdraw funds as needed while still benefiting from interest savings. Additionally, the interest saved through an offset account is not taxable, providing potential tax benefits for homeowners. However, it’s important to consider any associated ongoing fees and compare different loan options to determine if an offset account aligns with your financial goals.
