Refinancing a mortgage

[luke2177]

Hi all,

If I was looking to refinance my mortgage, does anyone have suggestions as to the best people to talk to? I'm not totally unhappy with my current one, however I want to make sure there is not a better mortgage out there which could be saving me a lot of money in the long run.

Any tips would be appreciated!

Cheers.

 

[Plogs]

Hi all,

If I was looking to refinance my mortgage, does anyone have suggestions as to the best people to talk to? I'm not totally unhappy with my current one, however I want to make sure there is not a better mortgage out there which could be saving me a lot of money in the long run.

Any tips would be appreciated!

Cheers.

A couple.

Look & compare yourself so there is nobody lining their pockets from your laziness (not saying that you are).

Don't just go for the lowest interest rate. This can be a con. Look at the whole package because everyone's circumstances are different.

Don't get a home equity/line of credit facility.

Changing can be expensive. Check for any break costs with your current financial institution.

If you are not really unhappy with your current one, it may mean that you have a good arrangement already.

 

[langers1971]

Hi all,

If I was looking to refinance my mortgage, does anyone have suggestions as to the best people to talk to? I'm not totally unhappy with my current one, however I want to make sure there is not a better mortgage out there which could be saving me a lot of money in the long run.

Any tips would be appreciated!

Cheers.

Also, it wouldn't hurt for you to sit down with someone from your own bank to discuss if they themselves can do you a better deal than what you currently have.
Whatever you do though, don't make a change just for the sake of making a change, you must look at exit fees from your current mtg, as well as set up and establishment fees from a new lender as well.

good luck

 

[rickster]

I would recommend Homepath, among the lowest interest rates, and great customer service.

No, I am not an employee of Homepath.

 

[flea29]

Currently thinking about refinancing myself. Can anybody tell me anything (good or bad) about dealings they`ve had with Homepath &/or Members Equity?

 

[Astro_]

You need flexibility in your mortgage to ensure you have the ability to pay it off quicker. This is non-tax deductible debt so it should be reduced as soon as possible.

Some features required to repay the loan quickly include an offset account, and the ability to create additional loans by establishing a tax deductible line of credit facility. From here strategies can be implemented to reduce the non-tax deductible loan.

 

[HighettBomber]

Which lender is best for you will depend on a few factors, principally: how much you are borrowing, are you wanting to use equity to invest; do you want a fixed rate, variable rate or combination; what will your leverage be; and are you able to save more than minimum repayment amounts.

I strongly suggest you don't look at interest rate on its own, flexibility and features are often just as important, as are fees, in determinging what will end up being the cheapest.

 

[acker]

Wayne Swan made out like it was as easy as changing your jock's.

Wayne seemed to miss all the associated fees breaking your exsisting mortgage agreements and start up fees for your knew one.

 

[Astro_]

Wayne Swan made out like it was as easy as changing your jock's.

Wayne seemed to miss all the associated fees breaking your exsisting mortgage agreements and start up fees for your knew one.

Do your own research mate and you will find refinancing is little more than changing your jokes.

Just need a good broker.

 

[acker]

Do your own research mate and you will find refinancing is little more than changing your jokes.

Just need a good broker.

And that broker will charge another fee.

 

[Leper]

And that broker will charge another fee.

They shouldn't. I refinanced recently using the guy referred to in this thread
http://www.bigfooty.com/forum/showthread.php?t=334825, and he actually paid me a % of his commision as a rebate.

So I came out of it with a cheaper rate (1.0% below std rate) and a few bucks left over for beer.

Depends of course on break costs of your existing loan, which in my case was SFA as I'd had that loan for 5 or 6 years.

 

[Astro_]

They shouldn't. I refinanced recently using the guy referred to in this thread
http://www.bigfooty.com/forum/showthread.php?t=334825, and he actually paid me a % of his commision as a rebate.

So I came out of it with a cheaper rate (1.0% below std rate) and a few bucks left over for beer.

Depends of course on break costs of your existing loan, which in my case was SFA as I'd had that loan for 5 or 6 years.

Is that 1% below the current variable rate (say 8.77% for ANZ), or 1% below once the 0.7% discount has been applied? (therefore would be 7.07% if you went with ANZ?)

 

[Leper]

I wish it was the latter!

In my case it's 1.0% off CBA's rate = 7.67% at the moment.

 

[Astro_]

I wish it was the latter!

In my case it's 1.0% off CBA's rate = 7.67% at the moment.

Either way cant complain.