Home loan refinancing in Alice Springs

If you’re considering home loan refinancing in Alice Springs, but are uncertain where to start, our mortgage brokers can help you weigh up all your options. 

We understand that with time, your personal situation can change. Whether you’ve changed jobs, your family has grown or the kids have moved out, these are often some of the reasons why refinancing your home can seem appealing. Even if your personal situation has stayed the same, you may have become more-savvy with your finances and are wanting a better rate on your loan.

Whatever shift in circumstances or financial direction has resulted in you revisiting your home loan finance, the idea of refinancing a mortgage can be daunting. Especially if you consider the time it takes to research the loans available, as well as fixed or variable interest rates and fees. 

With the right refinanced loan, you may be able to pay off your mortgage faster, with less unhealthy debt or even upgrade and add value your home, which are both steps in the right direction. 

Contact our experienced mortgage brokers in Alice Springs to help you make a better educated decision with home loan refinancing and read the common questions below to find out more.

Common questions if you’re thinking of refinancing

Now is always a great time to shop around or check that you have the right loan for your needs, and we’re a great starting point to streamline this process. How you’ll refinance your loan will depend on what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.

This is one of the reasons some people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt, e.g. credit cards, overdraft facilities, personal loans, etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you choose this option it’s important to make sure you maintain your repayments of your consolidated debt at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.

We’re all unique when it comes to our financial situation and borrowing needs. Get an estimate on how much you may be able to borrow, (subject to satisfying legal and lender requirements), with our clever loan options tool. If you contact us when you’re ready to borrow, we can help with calculations based on your circumstances.

Our guides to loan types and features will help you learn about the different loans available. By talking to our mortgage brokers today, we can research the vast range of home loans on the market to find the ideal option for your needs.

You’ll find most lenders offer flexible repayment options, which are tailored to suit your pay cycle. We recommend aiming for weekly or fortnightly repayments over monthly, as you will make more payments in a year, which means you’ll pay less and have your loan finalised more quickly.

Depending on your loan, penalty fees could apply if you’re paying off your current mortgage early. But these may be offset by repayment savings when you switch home loans. Contact us and we’ll walk you through any fees that could apply in your circumstances.

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