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What is Refinancing?
Refinancing is very simply switching your home lending to another lender. If you have a mortgage and another bank is happy with your financial situation/equity position. The new lender would work to take over the debt from your current bank.
With how competitive home lending is in today’s market, its is becoming increasingly common to switch banks if theres enough incentive to do so or perhaps you may not be happy with your current provider’s service.
Aiming to ensure you are fully aware of the pro’s and cons of refinancing is what we aim to achieve if you’re looking into the process before making a decision
Benefits of Refinancing With Moose
Mortgage rates are constantly changing in today’s market. Being partners with many lenders across New Zealand give us the ability to provide our clients with better rates that are competitive in the market
Understanding your goals and situation can help us to structure your mortgage in a way that can allow you to pay it off faster but still have the flexibility and freedom to live life
Lenders are becoming increasing competitive and cash incentives are becoming more common for new to bank customers. This is great for the end customer and can be motivation to refinance
We do all the running around so you don’t have to. It also helps that we are partners with a large variety of banks which means less paper work for you if you’re wanting more than one option
If you are refinancing to a major bank theres no fee for the service we provide. This is because the major bank’s will cover our costs on your behalf. This benefits out clients to reduce their outgoings during this process.
Reexplaining yourself can be frustrating when someone at the bank leaves you. We document our client’s needs and goals so we’re always on the ball. You can depend on us to be there for the smallest top up on your mortgage to your annual mortgage review
Is Refinancing Right For Me?
Often there could be many reasons why you want to refinance. It could be that you’re not happy with the service at your current bank or it could be that you are looking for a better deal. Working with an adviser at Moose allows us to crunch the numbers for you and give you solid advice around whether you will be better off or not. This will save you time and money to focus on what truly matters
Why Should I Use A Mortgage Adviser?
If you’re refinancing with a major bank there is generally no fee for service because the banks will pay us instead. This means it is affordable for clients to now get sound advice from Registered Financial Adviser.
With a non-biased approach being partners with large variety of banks a mortgage adviser will be able to give you sound advice and options without having only one bank to push your needs into
You might be looking to purchase your next investment property or even rent out your current home and buy a new family home. If your bank has said theres either no enough equity or your serviceability isn’t strong enough it may not be the end of the line for you
There are several non-bank lenders that can provide options that we are partners with and unlike the traditional stigma of non-bank lending it won’t cost you an arm and a leg. Refinancing often is done because their current bank can no longer meet the needs of the individual
We do not take a bias approach with our recommendations. Every bank is different to suit the needs of the individual. Once we assess your situation and needs we can advise where you should go next.
Certain banks are more lenient when it comes to calculating serviceability, some banks are more equity friendly where as some other banks are friendlier with construction and apartment lending. It is important to talk to a mortgage adviser because we can recommend the right options for you
A good loan structure should be prioritised over interest rates. This is because with the right structure in place you could be knocking hundreds of thousands of dollars off the life of your mortgage.
As everyone’s earning capacity may be different via wages, bonuses, commissions, are you able to pay back more than your minimum repayments? If you are how much per year could you knock down above your minimum repayments. Understanding this allows us to create a structure for you that allows you to have the freedom to pay off more than your minimum repayments without paying more interest than you should on your loan