IS YOUR FIXED LOAN ENDING?
Shop around for a better interest rate.
Money comes and goes, and many borrowers find their financial situation changing with time. The loan features you had as a first home buyer may no longer be suitable, and could actually be preventing you from achieving financial freedom. When refinancing, you’ll be able to choose a loan product that suits your needs, today.
Refinance Home Loan
Interest rates are in a constant state of flux and that’s why we suggest reviewing the details of your loan on an annual basis. By choosing to refinance, you can potentially access a better interest rate and save tens of thousands of dollars over the life of your loan. You can also consolidate debt, or unlock equity within your home to fund renovations, buy a new vehicle, or use as a deposit on an investment property purchase.
WHY YOU SHOULD REFINANCE YOUR HOME LOAN
Foster a healthier financial future.
- Get a better interest rate and save money across the life of your loan
- Access equity to fund renovations, purchase new assets or use as an investment property deposit
- Consolidate debt to create manageable repayments
- Access better loan features, now and in the future
WHY REFINANCE YOUR HOME LOAN WITH BORRO™
Access to better borrowing solutions.
01
Collaboration and communication.
Borro™ is more than the sum of its many brokers. We are a team. And to find the best financial solution for your needs, we communicate, collaborate and apply our strength in numbers.
02
Excellence and ethics.
There’s a reason we have a great reputation in the industry and outstanding customer retention… We make things clear as day. Borro™ builds trust through complete transparency and always aims for the best possible outcome for our clients.
03
Motivation and mastery.
Borro™ never settles for less. We remain at the forefront of market changes, constantly pushing our processes to ensure our clients receive the very best service and have the most enjoyable and uncomplicated borrowing experience.
04
No nonsense.
Borr™ operates with honesty. On the subject of finance, we believe it’s important to set realistic expectations and avoid making empty promises. We are here to help, though you can rely on Borro™ to tell it like it is.
BORRO’S TRANSPARENT PROCESS
Find your finance in 4 easy steps
01
Step 1
First determine your eligibility in switching to a Borro™ home loan.
02
Step 2
Fill out the online application form or talk with one of our friendly Borro™ brokers.
03
Step 3
If your application is approved, we’ll send through your documents online to review.
04
Step 4
Cross the t’s and dot the i’s. Sit back, relax and start saving.
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, we believe that a reassessment should be carried out once a year for maximum benefit. This doesn’t mean that you need to do a complete 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 term has concluded (which may be significantly higher than your current low fixed rate).
Many homeowners are wondering if now is a good time to refinance home loans in Australia. For most, the answer will be “yes” if you’ve had your current home loan for 2 years or more. The official RBA cash rate has been increased 12 times over the last 14 months (as of July 2023), which has resulted in lenders increasing their interest rates rapidly. How far have rates gone up? Well, not all lenders have been playing fair, and some lenders have been increasing your rate by more than what the RBA has passed on. Because of this, it’s more important than ever to ensure you are on a competitive interest rate
If you’re considering refinancing your home loan, start by talking to a mortgage broker at Borro™. That will allow you to explain what you hope to achieve from your refinance and get expert answers to any questions that you may have. We can then assess your current home loan and compare it with a wide range of mortgage products from a diverse panel of lenders. Once we’ve identified which home loan product will present you with the best possible results, we can then get started on your refinance application.
The process of refinancing is similar to what you would have experienced when you applied for your original home loan. The new lender will want to see 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 refinance home loan has been approved, the new lender will arrange for your existing home loan to be repaid in full. You’ll then start making repayments to the new lender.
The length of time it takes to process a home loan refinance will vary depending on a range of variables, including which lender you’ve chosen and how complex your application is. Typically, to refinance a home loan in QLD will take around 4-6 weeks from start to finish. However, with some lenders adopting electronic signing, and more states allowing Mortgage Documents to be electronically signed, we are seeing refinances happening in as little as 2 weeks time.
Some borrowers hold off on 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 current lender about refinancing your existing 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.
Many lenders are currently offering refinance cashback deals of up to $3,000 to refinancing homeowners. For some borrowers, this will not only cover the costs associated with refinancing but also leave them with a bit of leftover cash. However, before refinancing for a cashback deal, it’s important to assess whether the loan product on offer is right for you. There’s not much point in refinancing if the loan isn’t competitive or won’t support your long term financial goals. To ensure a cashback refinance deal will be beneficial, talk to one of the experienced brokers at Borro™.
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 finances, 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].
