Why would you refinance?

Have you ever felt you’re paying too much interest on your current loan/s, or perhaps you want to use the equity in your asset to finance your business or lifestyle? When was the last time you revisited your loan structures to make sure you’re still getting the best value rate? Refinancing essentially allows you to replace your current loan with a new one, which can cater to your current needs better, and save you cash in the process.

Refinancing is the answer if you:

o Are unhappy with your current lender

o Need the equity to fund other costly expenses (e.g renovations or extensions)

o Switch between fixed and variable rates and want to change this

o Need to consolidate debt

o Want to buy a vehicle or other large item through financing

o Want to reduce mortgage repayments

o Want to pay your loan off quickly

Refinancing your loan is not something to be done hastily though. Although there are several benefits of refinancing, you need to weigh up the costs of restructuring your loan against the benefits.

As a lawyer, fees such as lenders mortgage insurance (LMI) for home loans can often be waived by financing with Legal Home Loans. Having a chat with us will help you find the best solution for whatever you’re looking to buy through financing, and save you thousands of dollars (on a $1million loan, LMI is $20k).

Some of the key benefits:

o Saving money on accumulating interest with improved rates

· there may be better rates offered by a different lender, or loan features which will inevitably save on interest

o Better loan features

· you could potentially have less or waived fees as a certain type of client (e.g lawyers are normally perceived as a low risk client and can may qualify for LMI exemptions, 90% loans, etc.)

o Clear your mortgage debt in less time

· refinancing allows you to change the length of the loan, where you can pay off your loan faster (keep in mind this will incur higher monthly repayments, but could benefit through having less time for interest to accrue).

So how do you go about finding the best deal that suits, another time around? Well with a broker, all the research and searching around for the best deal is done for you by people who specialise in the field— saving you time, money, energy and sometimes your sanity!

Brokers can generally cater to most features of a loan for a client. For example, if you wanted to request your new loan to be executed with the same lender, we can generally accommodate this as well (as a long as it’s a good deal).

Brokers here at Legal Home Loans take care of the processing and searching for your refinancing, but what is a broker? Check out our previous blog about it! If you’ve read it already, you would know that having us help you DOESN’T cost you anything at all. If you’re interested in refinancing, contact our brokers on (02) 9030 4020, +61 423 347 562 or email on enquiries@legalhomeloans.com.au



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AMJ Financial Pty Limited trading as Legal Home Loans ABN 22 620 226 520. Credit Representative Number 500773 is authorised under Australian Credit License Number 389328. This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.  CONTACT DISCLAIMER:​ The privacy of your personal information is important to us. By providing your personal information to Legal Home Loans, you consent to be contacted by a representative of Legal Home Loans from time to time for marketing purposes. We will use your contact details to send you direct marketing communications including offers, updates and newsletters that are relevant to the services we provide. We may do so by mail or electronically. You can unsubscribe from by notifying us and we will no longer send this information to you. For more information, please refer to our Privacy Policy.  Copyright © 2020 by Legal Home Loans Pty Ltd