Why You Should Refinance Your Loan
If your circumstances have changed and you wish to refinance, you should consider contacting a different lender.
If your circumstances have changed and you wish to refinance, you should consider contacting a different lender.
Refinancing with a different lender if your personal circumstances have changed.
If you are experiencing changes in your life or personal circumstances, it is important to consider how these changes might affect your home loan.
When significant changes occur in your life, such as a job promotion or the birth of a child, meeting with a mortgage broker would be wise. The broker can review your current home loan and discuss the possibility of refinancing. This could be the right solution for you.
When faced with the prospect of a mortgage repayment following redundancy, it may be beneficial to consider refinancing your home loan.
If you’ve been made redundant, refinancing your home loan could help reduce the size of your monthly payments if you need them to be smaller.
However, if you can’t satisfy lenders with proof that you can repay any new loan you take out, refinancing will prove challenging.
You’ll need to consider several factors. How will you service the loan? How long will you be unemployed for? Which type of loan and features are most suitable for you?
To improve your chances of approval for a loan following redundancy, consider niche lenders, clearing existing debt, providing evidence of genuine savings and using a guarantor if necessary.
When you choose to work with a mortgage broker, you can benefit from expert advice about your borrowing capacity and the best mortgage lenders for your situation.
Expanding your family and refinancing your home are two important considerations for the first-time home buyer.
You may be able to take a few weeks or several months off work for the arrival of your new baby, but you should consider how you or your partner will manage your home loan during this time.
It’s crucial to be sure you’re on a competitive rate if your household income will be impacted by your partner’s possible maternity leave or inability to work. It’s also worth checking that your lender offers the flexibility you may need during this period.
Our brokers can assess whether you could secure a more competitive rate, or if switching to a fixed-rate home loan is the right move for you. A fixed-rate loan gives you the advantage of stable repayments for the duration of the term, meaning you’ll know exactly how much you owe each time you need to make a payment.
Discuss your home loan options with your My LMI Group broker to find out what’s involved in applying for a home loan when you’re expecting a baby or managing your home loan if your financial position is impacted.
Planning ahead can help you get the best of both worlds—a new bundle of joy and a mortgage that fits seamlessly into family life.
When going through a divorce, you need to consider the financial stress that your mortgage can cause. If you decide to buy out your ex-partner’s share of a house on which both of your names are included in the title, you will need to refinance to a new loan that is solely in one person’s name.
In Australia, if you want to remove an individual from a loan agreement, the bank will not allow you to simply do so. You must refinance the loan in another person’s name, or in your own name.
Before starting to modify the details of your mortgage, speak to your My LMI Group broker. Your broker will help you through the process.
Many Australians aim to pay off their home loan before they enter retirement. However, if you are still paying off your home, refinancing after you retire could save you money through a lower interest rate across the life of your loan. It can also help you gain access to the equity already built up in your property.
However, if you are at a particular stage in your life, there may be some extra considerations when it comes to refinancing your home loan. You will need to be certain that you can make the repayments for the new loan without a steady income. You’ll also need to be sure that you can cover the initial costs of refinancing as well.
While refinancing when retired might present some challenges, it doesn’t mean it can’t be done. It’s a good idea to reach out for expert support. An My LMI Group broker can help get your loan application over the line.
It can be challenging, although still possible, to refinance a home loan if you have filed for bankruptcy in the past. This is because such an action will stay on your credit history for seven years, which will affect your ability to borrow money during that time.
If you have been declared bankrupt and are still in the process of being discharged, many lenders will not offer you finance. This can make applying for a home loan difficult after you’ve been discharged.
A person who has been discharged from bankruptcy can still obtain a home loan. However, home loan products for discharged bankrupts generally come with a higher interest rate.
My LMI Group brokers are experts at helping home owners like you understand the refinancing process, so that you can make an informed decision about what is best for you and your finances.
Let our team of financial experts help you.
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