Refinancing

Refinancing

There is only one way you can save money on your home loan, and that is by switching or refinancing.  Doing this can also free up cash for renovations, to purchase an investment property or for other purchases like motor vehicles or furniture.  Speak to your MediPro Specialist before making this decision, in order to see where you stand and what is involved, or even if it’s worth doing at all.

How MediPro Can Help You

When might you refinance

If you haven’t revisited your home loan for a while, as it may mean you can secure a loan that better suits your needs presently.There are important reasons to refinance, but there are also important things to consider before you do, so speak to your MediPro Specialist before making the final decision.

Potential Savings

You could potentially save yourself thousands by refinancing your home loan. It doesn’t always have to do with lower rates either. Speak to your MediPro Specialist to find out how to save more on your loan.

A better loan

We know your industry, we understand your specific needs and goals. We will analyse the loan rates available, features and packages, and secure you a deal that not only works for you, but is better than what you otherwise would have had. We have the negotiating power.

Costs

There will be costs involved in changing loans, as is with any loan. Make sure you have the information at hand to weigh up what you will need to pay out against all the benefits of refinancing.

Getting your hands on your equity

Your MediPro Specialist can help you find out how using the equity in your home to refinance can help you achieve your property, wealth creation and personal goals.

How to refinance

Let your MediPro Specialist teach you the steps to refinancing your home loan, and show you how easy it can be when you get a Specialist to look after everything.

Why might you refinance

Maybe your current loan isn’t the best bang for your buck today. Your MediPro Specialist can give you a home loan health check to ascertain and compare lender options to see if refinancing makes sense, and what might be possible.

When to look at refinancing

Some reasons why you might consider refinancing may include:

  • To access the equity in your home loan for renovation, a new car or investments.
  • Access to a better interest rate and repayments
  • Locking in a fixed interest rate or changing to a variable rate
  • Reducing or extending your loan term
  • Getting extra features or a better package
  • You want to change banks
The Key to Refinancing

It is imperative that refinancing fits with your long-term plans.  That way the right lender and the right loan can be tailored to suit your needs.  Here are some things to consider when you’re refinancing:

  1. Pros and Cons – do the benefits outweigh the costs

When refinancing and changing your loan or lender, usually there’s a cost involved. Your MediPro Specialist can do the number for you and give you an accurate assessment of whether it is in your best interest to make a move.

  1. Longer term means increased repayments

If you borrow more money, or increase the term of your home loan, it can impact significantly on your total repayments over the life of the loan.

  1. More than one lender often means more time

When you switch lenders, you will have to deal with two lenders simultaneously.  Each has their own processes and this can mean frustrations or delays in some cases.  Your MediPro Specialist can help you circumvent these delays due to our vast experience and relationships.

  1. Not a quick fix for financial problems

You might be thinking of refinancing your home loan to access equity to repay your debts.  Please ensure you speak to your accountant or your financial adviser first before you make any decisions as there may be better options for you.

The cost of refinancing

Most people choose to refinance or change to a new loan in order to put themselves in a better position financially.  It certainly can achieve that for you, but it is very important to understand the costs involved for your particular situation as it does mean that you are taking out an entirely new loan contract.  Your MediPro Specialist will help you with assessing your loan options and lenders, and clearly explain your options.  Typical costs you might find while refinancing are:

Exit Fees

Typically lenders charge a percentage or flat fee for payout out an existing mortgage early, however it does not apply to every loan.

Loan Modification Fee

If you want to restructure you loan, you may need to pay a fee.  This is more likely to apply to basic no frill home loans, rather than professional packages.

Stamp Duty

Should your loan size increase by refinancing, you may need to pay government charges and other fees such as stamp duty.

Lenders Mortgage Insurance (LMI)

May apply or increase if you borrow more than 80% of the property value, and can’t transfer your old LMI to your new lender.

New Lender Fees

There’s a chance that you may need to pay an application fee, valuation fee and settlement fees to a new lender.  In some cases, the new lender will cover all these costs as well as your cost of moving.

Potential Savings

Refinancing can offer big savings advantages given that interest rates are low and lenders are making it easier to switch home loans.  But remember that this should be all about interest rates.  Your new loan needs to fit into your long term plans, and the benefits needs to outweigh the potential cost of refinancing.  Here are some savings you could enjoy by refinancing:

Lower Interest Rates

A great interest rate can save you thousands of dollars in interest over the life of the loan.  You might achieve this by switching from variable to fixed, or vice versa.  You could also split your loan to hedge your bets.  Either way, there are savings to be had.

Bank Fees

There are lenders out there that can offer loans with lower or even no monthly fees or additional charges to your home loan.  Over time this could mean big savings and could be better spent paying off your loan faster, which means less interest.

Debt Consolidation

You may owe money on credit cards, car loans, and personal loans.  The less debt you have, the easier it is to manage your mortgage, and life in general.  Speak to your MediPro Specialist and find out whether rolling this debt into your home loan could save interest and ease your financial burden.

The MediPro Service

The only way to find out if changing loans will save you more, is to get a health check done on your current financial situation.  MediPro Capital Finance will do the analysis, comparisons and can organise your new home loan for you, completely free of charge.

Accessing Equity

Equity is the difference between your home’s current value and what you owe against it.  Refinancing can give you an opportunity to access this equity and put it to good use.  Lenders see home equity as a secure alternative to cash, so you can use it to purchase or maybe for an array of difference, some of which may be:

Purchasing an investment property

You could use the equity as a deposit for an investment property and grow your property portfolio. Should it be enough to cover at least 20%, you could also save on LMI.

Renovate

Upsize or renovate your current home or investment property without getting into extra debt.

Holiday or a new car

Speak to your financial adviser or accountant prior to making this decision, but with proper planning you could pay for a holiday or new car without getting into heavy debt.

Extra Cash

It is so very important that you understand how every dollar spent can affect your debt and repayments.  When you refinance, you could free up money to invest in other areas or spend as you choose.

How to Refinance

We are here to help you every step of the way, from working out whether refinancing is a good idea in the first place, to finding you a better loan and arranging everything through to settlement.

Your MediPro Specialist can do it all.

Meet you face to face

  • Discuss your current situation and needs
  • Compare all options from over 30 lenders
  • Determine if refinancing is right for you
  • Negotiate a great deal for you
Organise your loan application

  • Complete the application forms
  • Package and lodge your application
  • Liaise with the lender
Manage every step

  • Give you good advice
  • Do your legwork and paperwork
  • Ensure your old and new lenders sort everything out
  • Take care of any issues that may arise