Can I get a better performing mortgage where I pay less than I’m paying now and save in interest at the same time?
With the competition between lenders today, and their strategies to bring in more business, lenders have been adjusting their rates outside of the reserve bank and now is a great time to check to see if your loan/s are still performing for you and meeting your needs, and our qualified brokers are a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. Speak with a Property In Demand Financial broker who will quickly explain your options.
Can I consolidate credit cards or other personal debts into my home loan?
This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period. Speak to a Property In Demand Financial broker to discuss your personal needs.
How much money can I borrow?
We all have our own set of unique circumstances when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our CALCULATOR TOOLS. Or contact a Property In Demand Financial broker who can work with you and calculate your finance capacity more accurately based on your circumstances.
How do I choose the loan that’s right for me with so many confusing options?
Choosing the right loan for you has never been easier with our state of the art lender platform which shortlists loans based exactly on your preferences and criteria such as loan types and features and highlights the main options available. There are hundreds of different home loans available, so contact a Property In Demand Financial broker today who can recommend the right loan(s) for you.
How often do I make home loan repayments – weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your preference and fit in with when your pay cycle. Weekly or fortnightly repayments, instead of monthly can be a smarter option as you will make more payments in a year, which will shave dollars and time off your loan, however it’s what is convenient for to you.
What are the typical costs when refinancing or switching mortgages?
Lenders can have expensive penalty fees which could apply if you’re paying off your current mortgage early, especially if you’re exiting a fixed home loan, however these may be offset by repayment savings when you switch to a better more suitable home loan/s. Contact a Property In Demand Financial broker to discuss your options and which fees may apply in your circumstances.
After my loan has settled, what are the ongoing costs or fees of maintaining my loan/s?
Apart from your normal ongoing package fee or monthly account keeping fee if applicable, Lenders may change their lending policies and terms & conditions which may include their fees & charges schedule. This can be high transfer & withdrawal charges or may also affect their interest rates schedule which may change at any time, in other words you may have received a 0.8% discount off the standard variable rate at the time of your loan application, and then 10 months after your loan settled they change their policies. This is usually followed up by you receiving a letter from your lender advising you that you will only be eligible to receive a 0.3% discount off the standard variable rate due to their changes, increasing your future interest rate by 0.5%, resulting in much higher loan repayments and a substantial increase in the amount of interest you end up paying over the term of your loan contract.
Of course, this is when you would call on your Property In Demand Financial broker who can review your loan and look for a better option as they may have before. Property In Demand Financial review client loans every 12 months to ensure your loan is always performing for you and meet your needs, ensuring your money is always working for you.