Refinance Loans
Refinance Loans
Getting you a better loan
Refinance Mortgage Broker Melbourne
Lending institutions are offering generous cashback incentives to borrowers simply for refinancing. But there are several more aspects to refinancing that you need to factor in.
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Why Refinance Your Loan With MDM Finance?
We have access to lenders and loans that the general public doesn’t have access to. We keep up to date with what is happening with current and new loans on the market and can advise on the best loans available.
Our Expert Loan Advice Before Refinancing A Home Loan
Refinancing a home loan is not always as easy as it seems.
There are many things to sort out. Here is some of what MDM Finance checks before choosing a new loan for you.
Costs For Refinancing
There are numerous costs associated with refinancing a home loan, setting you back thousands. We will check the terms and conditions of your existing home loan and the loan you want to refinance with, to discover what the changeover costs will be.
We will also calculate how much less you’ll pay in interest at that rate and compare this saving to the total cost of refinancing. This will give you an idea of whether refinancing is worth it.
Property Value and LVR
Your loan-to-value ratio (LVR) reflects your equity. A lower LVR is good for refinancing to get a cheaper interest rate.
If you’re refinancing to another lender, you may also face having to pay for Lenders Mortgage Insurance – even if you already paid for it when you first took out the loan!
Interest Rates
We guide you through the interest rate minefield; for example, which lender are unlikely to move rates for a while, whether you should refinance onto a fixed rate. We can also advise on ‘honeymoon’ loans – interest-only and fixed rates that usually revert to a higher rate after a few years.
Debt Consolidation
The debts are paid as single regular repayments at the mortgage interest rate, which may be significantly lower what you were paying when they were stand-alone debts.
