Is your home loan still right for you?
As the market and your circumstances change, the home loan that was right for you then, may no longer be the one that suits you now.
Your specialist mortgage broker can work with you to understand your needs, and identify which loan options are most suited to meet your financial goals.
Why should you refinance?
Refinancing is a chance to look at what’s out there and to check to see whether your current loan is still the right one for you. If it’s not, it may be time to refinance.
Reduce your repayments
A loan with a lower interest rate or less fees can be the simplest way to reduce your repayments. It means you can unlock a little more spending money, or better still, pay off more of your principal.
Shorten your loan
There are a number of ways to shorten your loan and save more in the long run including flexible payments and having an offset or redraw account.
Access to extra funds
Unlock the equity in your home to access extra cash to finance a renovation, or get capital for property investment.
Consolidating other debts
Consolidating other debt, like credit cards or personal loans, could help you to reduce your interest rate on these loans.
Steps to refinancing
1. Current position
Check out what your current mortgage balance is and what interest rate you are paying! An easy way to do this is to have a look at your home loan statement details in your online banking.
2. Do the math
When you know your current position, you can work out how much you need to borrow via the Coronis Borrowing Power Calculator. Keep in mind that you will need to borrow enough to pay your current mortgage back. If you’re refinancing to access money for renovations, extensions, a dream holidays or to consolidate
other debts, you’ll need to add this to your total borrowing amount.
3. Engage with a mortgage broker
Using a mortgage broker will save you time, research and hassle. Mortgage brokers will understand your requirement and put in a lot of work behind the scenes, ensuring the process is as seamless and stress free as possible, with access to over 30+ lenders. The best of all, it costs you NOTHING.
4. Apply to refinance
All banks will require similar documentation, so it helps to start putting together the following:
- Verification of your income (payslips, Group Certificate, etc .)
- Identification (driver’s license,medicare card etc.)
- Loan and transaction account statements – We can also help with our online statement tool saving you time and money.
5. Valuation
A valuation is ordered once your application is ready to be submitted to the lender, while your application is in the que to be processed, a valuer will come out and value your home. This is a compulsory step of the process as the bank will not approve you without using a valuer they trust.
6. Loan approved
Your new loan has been approved. This means the funds from your new home loan pay off your old home loan and that home loan account gets shut down. If your refinancing other debts from your new loan, those will be consolidated and if you’ve applied to access equity, you will now have access to this too!
Speak to a mortgage broker
Talk to one of our available mortgage brokers or book a time that suits you. We offer virtual, phone and in person appointments.
Access to 30+ lenders
We provide high quality advice and offer access to loans from a wide range of lenders. We compare 30+ lenders to find the great rates that are most suitable for you.
Calculators
Our calculators help you work out how much you can borrow, as well as what your likely repayments will be.
Refinance Calculator
Find out how much you could save by switching your home loan to a new product or provider.
How much can I save?
Mortgage Repayment Calculator
Learn how much your ongoing home loan repayments will be based on the amount you’re borrowing and your interest rate.
Calculate my repayments
Loan Comparison Calculator
See the difference between home loans in numbers and find out which one works best for you.
How does my loan compare?
We find the right solution for your financial needs
Our qualified mortgage brokers will navigate you through today’s changing landscape and recommend a competitive financial solution to best suit your individual needs.
We’re here for you
No hidden fees. We work for you, not the lender.
Make the best choice
We do the leg work to find the best possible options for you to choose from.
Expert Support
Our Mortgage Brokers will discuss your financial goals and provide expert advice to help you make informed decisions.
Convenience
Our online platform means you can access and approve your loan documents anywhere, anytime.
Thinking of refinancing?
Because things change, and chances are since you settled your home loan, interest rates may have moved, and life has too.
Coronis’s team of specialist refinance mortgage brokers are professionally skilled in assessing and negotiating the right financing option for your investment. We can help to restructure your loan to suit the unique needs of your property portfolio, helping you achieve better cash flow and interest rates, and maximise the returns on your investment.
Get started now
Looking for answers? We’ve got one for you
What is home loan refinancing?
Refinancing is basically changing from one home loan to another, where the new mortgage is used to pay out the existing mortgage. While this may sound like a bit of a redundant exercise, refinancing a home loan can save you money, give you access to better loan features and even help you pay off your mortgage sooner.
These days, there are many lenders competing for your business, and you no longer have to stay locked into a loan that doesn’t suit your needs. Switching a home loan isn’t as difficult as you think, and it can yield significant benefits in the short term and over time.
Equity finance can give you access to equity in your property that wasn’t there when you first secured the loan, and help you save money on your home loan repayments, and to reduce your interest rate. Refinancing can also help you to consolidate your debts, helping you to avoid paying excessive interest on separate loans.
What do I need to consider when refinancing?
It’s important to be able to Identify which home loan is most suitable for you and your future financial goals, by assessing ongoing fees, the loan structure, and whether you can offset any loan discharge costs. A skilled refinance mortgage broker will be able to analyse a range of loans and lenders to find the loan products suitable for your circumstances.
It’s also important to consider your credit rating when you’re refinancing. Home loan refinance applications can get rejected, and this will have a negative effect on your credit rating, which could make it more difficult for you to refinance in the future. The refinance mortgage brokers at Coronis are committed to protecting client credit ratings, so they’d never recommend a home loan that you’re unlikely to be accepted for.
What are the benefits of refinancing your home loan?
Refinancing a home loan can benefit you in a number of different ways. The most common reason for financing is saving significant amounts on monthly repayments by refinancing at a lower interest rate, which can save thousands of dollars per year. Switching from a variable to a fixed low interest rate can also help you to avoid paying more when the variable interest rate is fluctuating.
Refinancing can also give you access to features like redraw facilities, the ability to make additional repayments to reduce the interest you’re paying, pay the loan out faster, or the use of an offset account. These facilities can add up to significant savings over time.
You can also access the equity in your property that has built up since you purchased it when you’re refinancing. Mortgage on the mortgage on the higher value of the property can give you access to funds to renovate or consolidate debt.
Is now a good time to refinance?
The official Reserve Bank of Australia (RBA) cash rate is currently sitting at a historic low, and the RBA has stated they have no intentions of raising it until 2024 at the earliest. As a result, in Australia, property investment has been supported by some excellent fixed low interest rates and other deals for refinance. Home loan interest rates are low, and because there are always benefits to property investment, Australia has maintained a strong property market despite massive economic shifts following the GFC and the pandemic, and it’s a relatively safe bet.
However, it’s always important to do a complete assessment of your current circumstances before deciding to move ahead with refinancing, so contact Coronis at any time to speak with a specialist broker for personalised advice.
How much does it cost to own an investment property?
For property investments, Australia’s loan fees and charges are much the same as those for a primary place of residence. They include fees for loan establishment, conveyancing, stamp duty, and building and pest inspections. If you’re planning to rent the property out through a real estate agency, you’ll also need to budget for advertising and property management fees.
In Australia, property investment also affects your tax. An investment property will be classed as being either positively geared or negatively geared: positive gearing is defined as when the income you receive from the investment property is more than your deductions (interest payable on the loan, depreciation, cost of ongoing maintenance, etc.), and the income from your investment property may be taxed; negative gearing is when the income from your investment property is less than your expenses, and you may be eligible to claim a tax benefit.