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Is Mortgage Refinancing right for you?

When it comes to refinancing, it’s more than just getting the upfront cashback and locking in low interest rates. While these may be the initial reasons for refinancing, focusing solely on these perks could cause you to overlook opportunities that could significantly improve your overall financial situation.

Refinancing is a complex process that requires careful evaluation to ensure it’s financially viable and the process is seamless. A misstep in refinancing can lead to unwelcome risks and additional costs, including cashback repayment obligations to your previous lender or adviser. With incorrect loan structure, extending your loan term can result in paying more interest expense over time.

It’s important to weigh both the long-term advantages and potential costs of refinancing. Our experienced mortgage advisers are here to assess your financial situation, identify unique opportunities, and create a mortgage strategy that addresses all refinancing options but also takes into account refinancing costs, empowering you to pay down your mortgage faster and achieve your financial goals.

Curious if mortgage refinancing is the right move for you? Connect with us today to explore your options.

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Benefits of Refinancing:

If you’ve passed your cashback period, you might want to consider refinancing for these reasons:

Refinancing for Home Owners

  • Refinancing to a different bank may allow you to pay off your mortgage faster by taking advantage of better loan products.
  • Benefit from lower interest rates if they’ve fallen since your original loan.
  • Refinancing to a shorter loan term mean you’ll be able to pay off your mortgage faster and save on interest.
  • You will be able to switch from a floating to a fixed-rate loan, offering a more predictable monthly payment structure.

Refinancing for Property Investors

  • Overtime as you pay down your mortgage, refinancing can release equity, which you can use as a deposit to purchase another property or other ventures.
  • Derisk your property portfolio by reducing reliance on a single bank to avoid cross-guarantee

Refinancing for Business Owners

  • Optimise tax deductibility and overall tax efficiency through strategic refinancing.

General Benefits

  • Secure a lower interest rate, leading to substantial long-term savings.
  • Adjust your loan term to pay off your loan faster or reduce monthly repayments.
  • Optimize your loan structure and explore various loan products.
  • Switch between different loan types for a more predictable payment structure.
  • Consider cash-out refinance for extra funds for home improvements or debt consolidation.
  • Explore cashback incentives, loan structure improvements, and fast mortgage repayment strategies.

These benefits of refinancing can help you achieve your financial goals and make the most of your mortgage.

Costs to consider

Before proceeding with refinancing, it’s important to carefully evaluate the potential costs. Consult with a Twine adviser to determine whether the benefits of refinancing outweigh these expenses:

  • Exit Fees from your old bank
  • Break Fees (or Early Repayment Costs)
  • Repayment of any cash incentives
  • Deferred Establishment & Settlement Fees
  • Entry Fees to your new bank
  • Legal Fees
  • Valuation Fees
  • Application Fees
Mortgage Advisers

Are you ready to explore the potential benefits of mortgage refinancing?

Contact us now to discuss your unique situation and find out if it’s the right move for you.