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If you are looking to consolidate a few debts or access some of the equity in your home Connected Home Loans can assist you by refinancing your existing debt and get you the money you need. This may be as simple as Connected Home Loans negotiating a better deal with your existing Lender.
For an experienced mortgage consultant to assist you with your refinance options enquire now.
How can we assist?
We can help you with your refinance or loan increase by assisting you in completing the required application forms and putting together the necessary supporting documentation. We will use our experience in presenting your application to your chosen lender in a format that gives you the best opportunity for your loan application to be successful.
As part of that necessary supporting documentation the new Lender will require you to provide the last six months statements from your existing lender as proof of your existing debt and demonstration of your repayment ability. Don't worry if you have had a few minor defaults in the past, we may still have a home loan product to assist you.
The Lender will require a valuation on your property. This is usually completed after they have issued conditional approval.
Miscellaneous Costs
Apart from normal discharge costs you might have to pay early discharge fees or exit penalties to your existing lender. These will be set out in their “letter of offer” which you received when you first took out your existing loan. You may also be required to pay application, legal and valuation costs to set up the new loan facility. In the overall scheme of things, these extra costs may be more than covered in the longer term by a more favourable interest rate and/or reduced fees Connected Home Loans are able to negotiate for you.
Mortgage Stamp Duty
Mortgage stamp duty on a refinanced home loan is generally exempt providing the name of the borrower and the property remain the same. However, if you increase the amount of your loan for use other than home improvements you may be required to pay mortgage stamp duty on the amount of the increase. We will assist you to determine your situation.
Accrued Interest
When you obtain a payout from your existing lender it will include all their costs to clear the existing loan, including accrued interest to the date of settlement. You will need to allow for the total amount when determining the amount of money you need to borrow.
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Lenders Mortgage Insurance (LMI)
The LMI fee applies only when you borrow more than 80% of the property's value (on a full documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. LMI can be added to your loan amount for up to 100% of the property value.
Building Insurance
Prior to settlement of your loan you will need to provide evidence that the property you are purchasing is suitably insured. In the case of a unit purchase this will usually be insurance taken out by the Strata Plan.
Require More Information
Please contact Connected Home Loans and one of our experienced mortgage consultants will get back to you with-in one working day. Enquire today. |
Refinance
