Loan Refinancing in Mackay | All Finanz & Insurance Solutions Mackay

Refinancing

A home is the biggest asset most people own, and it is also the largest debt. At All Finanz & Insurance Solutions Mackay, we’ll help you explore options to make your home loan work best for you.

There are several reasons why you might consider refinancing your home, including:

Finding a better interest rate
Freeing up equity for other purposes (such as home renovations)
Moving to a more flexible mortgage that offers features like offset & redraw facilities
Debt consolidation

Our team will work with you to identify your goals, then search for financial products to suit your needs. We have offices in Mackay. We also serve clients up to Bowen and the Whitsundays and Coalfield regions.

How long has it been since you’ve had a mortgage check-up? At All Finanz & Insurance Solutions Mackay, we recommend that you review your mortgage to see if it is still working for you.

One of the most common reasons for refinancing a mortgage is to switch to a more competitive home loan. Paying a lower rate of interest will certainly reduce your monthly repayments but there are other factors you might like to consider:

Choose a lower interest rate but keep your repayments the same. This will result in making great inroads into your mortgage and paying it off much sooner.
Refinance your mortgage to pay off credit cards and personal loans that have much higher interest rates. Once those debts are settled, take the amount you were paying on those loans to make extra payments on the mortgage instead.

We understand that life doesn't keep office hours. So, if you'd like to speak to someone about refinancing your home loan, we have appointments available after hours and on weekends.

Frequently Asked Questions

Is it easy to refinance a home loan?

Yes, it is relatively easy to refinance a home loan. However, it can be very time-consuming to go through all the options by yourself. Engaging a broker will help save you time searching through the options and they’ll even prepare the paperwork for you.
What are the costs of refinancing a home loan?

The main cost of refinancing a home loan is the exit fee charged by your current lender. There may be a small fee charged and this will be outlined in your original loan documents. These fees can vary greatly from lender to lender and are outlined prior to you getting your loan.

Other costs may include mortgage insurance, appraisal fees and legal fees. However, these costs can often be rolled into your new loan. If you are refinancing to a lower interest rate, the savings on your loan repayments can quickly offset the costs of refinancing. It is important to compare home loan rates and fees from different lenders before deciding.
My home has increased in value, is it worth refinancing my home?

If you have built up equity in your home, you may be able to refinance your loan and get a lower interest rate. Equity is the portion of your home's value that you own outright, without any loan payments remaining. So, if your home is worth $600,000 and you have a loan balance of $400,000, you have $200,000 in equity.

You can use that equity to get cash, either through a home equity loan or a home equity line of credit. Or you could refinance your mortgage and get a lower interest rate.
How often can I refinance my home loan?

Theoretically, there is no limit on how often you can refinance your home loan. However, there may be costs associated with refinancing, so it's important to weigh up the benefits and drawbacks before deciding. We recommend speaking with a mortgage broker to discuss your options.