Refinance Loans

Getting you a better loan

Refinance Loans

Getting you a better loan

Refinance Mortgage Broker Melbourne

There are many reasons why you might want to change your mortgage – a cheaper rate, more flexibility, increasing or shortening the loan term, consolidating debt or having access to equity for something else such as a renovation.

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.

Request An Appointment

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.

If you choose to refinance your loan with us, we will:
review the current cost of your home loan
ask your lender to do better
ask how much it will cost to exit your current home loan
research and compare other suitable loans, including moving costs and the length of the new loan
apply for the new loan
exit your old home loan and set up your new one.
refinance mortgage broker melbourne

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

Refinance home loans melbourne
We will calculate the current value of your property and how much equity you have in it.

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

We advise consolidating your debts when refinancing – any car loans, personal loans and credit card debts.

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.


Confused? Book an appointment with MDM Finance today to organise refinancing your loan

Book An Appointment