Refinance Home Loan or Investment Loan
Find out is you are paying too much on your mortgage...
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honest opinion if you are paying too
much on your current home loan or
investment loans.
Compare your loan to hundreds of other loans
Strategies to help reduce the cost of refinancing
Cost analysis to see if it is worth refinancing
The Cost of Refinancing
Before refinancing it is important to calculate the cost of refinancing. You will need to take into account exit and entry fees.
Exit Fees
The best way to find out the total exit fees from your current lender is to contact them directly. They shoudl be able to give you the exact pay out figure.
Some of the exit fees to consider when refinancing;
Early Exit Fee - usually payable if you close out the loan within the first 5 years, Can range anything from hundreds to thousands of dollars. Check with your lender if these fees apply
Discharge of Mortgage Fee - this is the legal cost for discharging the mortgage. Can range between $100 and $600. Contact your lender
Break Fees - is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.
Entry Fees
Loan Application Fee - Depending on the lender they can charge a loan establishment fee for a new loan
Lenders Mortgage Insurance - if you borrow more than 80% of the properties value regular loans or 60% for low doc loans lenders mortgage insurance will need to be paid.
Discharge & Registration of Mortgage Documents - approximately $200 depending on the State Government
Solicitor Costs - if you use a solicitor to refinance your loan then there will be a fee. Generally, most people act for themselves when refinancing their mortgage
Try our refinance mortgage calculator to see is it is worth refinancing your home and or investment loan.
Need Help?
We have mortgage experts that can help you with refinancing your home or investment mortgage.
They can find the most suitable home or investment loan for your lending needs and show you all the all the hidden costs and restrictions as well as show you the most reputable lenders to choose from.
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