Refinancing your existing home or investment loan can be a great way of bringing your loan features in-line with today's market offerings.
Refinancing correctly can deliver you better monthly cash-flow and may even remove time from the length of your loan. As such, it can be an attractive offer worth considering. But what’s involved?
What is refinancing?
Refinancing your loan involves paying out your existing home or investment loan, using a new loan product from a current or alternative bank/lender. Essentially, you are swapping an existing loan for a new loan with better rates and features.
There are always competitive interest rate offers available, both variable rate and fixed rate. It’s our job at Monark Finance to present you with all the options.
We are happy to conduct a no-cost, no-obligation assessment of your current loan, to see how it compares to other available loans. If the interest rate saving is significant, and the benefit outweighs the cost, then it is definitely something worth considering. After all, why pay money unnecessarily to a bank when it could be yours to use as you wish!
There are usually bank fees involved with refinancing your loan, so it’s important to ensure the new product is fully researched and understood. Although the fees are usually small, the wrong decision could end up costing you more.
Once you have made the decision to proceed, we guide you through the application process, ensuring the 2 lenders liaise with one-another accordingly, and the the funds are transferred smoothly at settlement.
What are the benefits?
Refinancing your home loan can be a great way to save you interest, aiding cash-flow, and putting more money back in your pocket.
Switching costs are relatively low these days thanks to the fairly recent government initiative outlawing hefty exit penalties. So it could be a good time to look around to determine if you can save money.
What we can do for you.
We will present you with a complimentary report, looking at the pros and cons, taking into account your everyday banking, the potential saving, the features available, and the cost. If you choose to proceed, we arrange the refinance application for you, from start to finish, with no service fee charged.