Refinancing Home Loan
We understand that refinancing your home loan can be a valuable and clever move to improve your financial situation. If you want to reduce your monthly instalments, reduce your loan period or access your home’s equity, we are here to guide you through the procedure without any issues.
Why Refinance Home Loan?
Lesser Home Loan Interest Rate
This is one of the most valuable advantages of refinancing home loans. Reducing the home loan interest rate can help you save a lot of money over your life. A lesser refinance home loan interest rate can lower your monthly payments, allowing you to spend the money saved on some other expense.
Enhanced Loan Terms
Refinancing provides a chance to make small changes to the terms of your home debt to suit your present financial situation. You may want to choose a shorter term to complete the loan as early as possible.
Consolidate Debt
Combining a higher-interest loan with your mortgage through refinancing can improve your financial management and potentially reduce your interest expense.
Switch Loan Types
This allows you to shift from fixed to variable or vice versa, from which you can select what suits your situation.
How to Know if Refinancing is Suitable for You?
Home Loan Calculator
Use this to estimate possible savings and analyse how refinancing can affect your monthly instalments and loan terms. This tool can help you make a careful decision based on your requirements.
Refinance Home Loan Rates
Researching and comparing them with different lenders is better to ensure you get what suits you best. RyRo Loan Centre offers reasonable rates and personalised solutions to suit your requirements.
Associated Charges
Check if there are any fees or costs associated with refinancing, such as application, valuation, and legal expenses. These also affect your refinancing and can affect your savings.
Present Home Loan Rate
Compare your current interest with the existing market rates, and if you find a lower option, go for refinancing, as it can be helpful.
How to Refinance Your Home Loan?
There are a few steps to make this procedure seamless and tension-free, and we at RyRo Loan Centre are here to help you. Here are the steps:
• Calculate Your Present Loan
• Use Our Home Loan Calculator
• Check Your Options
• Submit Your Request Application
• Get Approval and Celebrate
It is time to fully control your financial future by refinancing your home loan at RyRo Loan Centre. If you are looking to lower your home loan interest rate, reduce monthly instalments, or do anything related to it, we are here to help. Contact us!
Frequently asked questions
- My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn’t mean the repayments are less. Our loan advisors are able to take the hassle out of this for you. Why not contact us to be put in touch with best brokers? We have access to over 800 mortgage products from more than 35+ lenders
- I have just come off a ‘honeymoon’ interest rate to a much higher rate. Can I move lenders or am I locked into my mortgage?
Although you can walk away from most mortgages, penalty fees sometimes apply. To consider your options, contact us today! - If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months time?
It depends what kind of product you have. If you’re concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years - Why do some lenders charge more than others for lending the same amount of money?
Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money - What documentation do I need to refinance?
The last 3 – 6 months of mortgage statements is sufficient to begin this process. For more advice contact us now - Can I get a mortgage where I pay less than I’m paying now?
With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, we are a great starting point. It will depend 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. Contact us today to get details on your options - Can I consolidate credit card or other debts into a home loan?
This is one of the reasons many 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 take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time. Speak with us today to discuss your personal needs - How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our clever loan options tool. Chat to us when you’re ready, we can help with calculations based on your circumstances. - How do I choose the loan that’s right for me?
Our guides section will help you learn about the major options available. There are variety of different home loans available. we can recommend the right loan(s) for you, so talk to our advisers today! - How often do I make home loan repayments?
Most lenders will provide you with flexible repayments option which will be better suit your pay cycle. We recommend a weekly or fortnightly repayment instead of monthly. This will enable you to make several payments within a year, which ultimately will save you money and time off your loan - What fees/costs are involved in switching mortgages?
Penalty fees could apply if you’re paying off your current mortgage early, especially if you’re exiting a fixed home loan. But these may be offset by repayment savings when you switch home loans. We will be delighted to assist you with any fees that will apply in your circumstances.