Residential Refinancing
Refinancing Your Home Loan
If your circumstances have changed since taking out your home loan, it may be time to consider refinancing. Refinancing is the process of switching from your current home loan to another lender which could aid in improving your financial position.
Moving your home loan balance to a new lender gives you an opportunity to select a completely new loan product that may better suit your needs. This highlights the importance of researching the available options, or alternatively seeking advice from a finance professional – like the team at Whiteroom Finance.
You may decide to opt for a home loan with lower interest rates, fewer fees, specific loan features or easier repayment terms. You could switch from a variable interest rate to a fixed home loan or split your balance between two loan products with different interest rate types.
Why Choose Whiteroom Finance For Your Residential Refinancing?
As is the case when taking out a loan to purchase a home, there are a range of factors that should be considered before committing to refinancing. Whiteroom Finance, as your broker, spends the time to discuss and understand your personal needs and the objectives you wish to achieve by refinancing.
From the initial consultation, we analyse your financial position and make recommendations that are tailored to your unique situation. Our experienced team are committed to ensuring that your loan product remains relevant to you, as well as offering a free, annual loan review.
Potential Benefits of Refinancing Your Home Loan
It is advantageous to spend some time considering the reasons why you want to refinance, as well as the potential benefits you hope to get out of it.
Refinancing your home loan could help you:
- Borrow more for consolidation, renovation, investment, or a new vehicle.
- Save money with lower interest rates or reduced fees.
- Lock in your repayments with a fixed rate loan.
- Consolidate multiple loans.
- Reduce repayments.
The Whiteroom Refinancing Process
Our team will work with you throughout your refinancing journey, aiming to make the process as smooth and stress-free as possible.
Initial Contact
After you contact our team, we will connect you with one of our experienced brokers, who together with their support staff will assist you throughout the refinancing process. At this stage we’ll send you a link to our online fact find, which allows you to provide us some basic information.
Understanding Your Needs
Your situation is completely unique to you. This is why we spend the time to review the information you provide and contact you to ask some further questions, strengthening our understanding. With knowledge of your financial position, the type of loan you require and loan options you qualify for, we can find a loan tailored to you.
Meeting and Identification
Once we have a good understanding of whether we can assist you, we will arrange a meeting. This meeting is used to discuss your needs in more detail and set out some loan options that are recommended. The meeting gives us an opportunity to discuss other services and facilities we offer, meet our identification obligations and provide some time for you to ask any further questions.
Finding A Loan That Fits
At this stage, your broker will have a solid understanding of who you are and what you require. We will review different loan products available through our 30+ lenders and present you with personalised recommendations – this is known as the “Game Plan”.
Why Choose Us?
As a customer-centric finance broking firm, we ensure that all our clients feel valued at Whiteroom Finance. We pride ourselves on delivering personal, high-quality service to all clients – from first time borrowers to large scale corporations. At Whiteroom Finance, we deliver tailored solutions suited to your unique financial requirements and goals.
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Frequently Asked Questions
How Long Does Refinancing Take?
When refinancing, you are applying for a home loan with a new lender. The funds applied for will be used to pay out the balance, plus any fees, to your previous lender. This will involve the full home loan process and time frames can vary from lender to lender, but often this process takes between four and eight weeks.
Do I Need To Get A New Property Valuation Done When I Refinance?
It will depend on your new lender; however most will require for another valuation to be done on the property. This ensures your new lender is aware of what the property is worth before they take it as security against a loan.
Does Refinancing Affect My Credit Rating?
Yes, refinancing can affect your credit score as you are submitting a new credit application. While a poor credit score can influence your chances of being approved for refinancing, a declined application can negatively impact your credit score.
Another thing to be aware of is that applying for multiple refinances / loans in quick succession can also negatively impact your credit score.
Can I Get A Better Interest Rate Without Refinancing?
If your main aim of refinancing is to get a better interest rate, your broker can approach your existing lender first and request a pricing review. If your existing lender cannot provide a lower rate, or the rate offered is not competitive, your broker will talk to you about refinancing to a new lender.