Save Money With Expert Refinancing In Brisbane
Ready to reduce your mortgage repayments and unlock equity in your home?
PFC Mortgages has been helping Brisbane homeowners refinance their home loans since 1991, saving clients thousands through better rates and improved loan features. With access to more than 32 lenders and MFAA accredited broker Steve Lowe’s 30+ years of experience, we make refinancing simple and profitable.
Why Refinance Your Home Loan in Brisbane?
Refinancing, also known as loan switching, is the process of replacing your current home loan with a new mortgage that offers better terms, rates, or features. Brisbane homeowners typically refinance for several key reasons: securing lower interest rates, accessing equity for renovations or investments, consolidating debt, or switching to better loan features like offset accounts.
PFC Mortgages can help you replace or extend your current mortgage loan with funds from your current lender or a new loan provider in Brisbane.
Case Study
Oliver and Amelia have $250,000 balance on their mortgage loan at 4.5% interest p.a. For 30 years. They are paying $1,267 per month, including interest. They applied for mortgage refinancing and were able to get pre-approval from another lender willing to refinance the loan for only 3% p.a*. This resulted in their monthly repayments going down to only $1,055 monthly, which saves them $212.
REMINDER: Lower repayments can be caused by extending the repayment terms instead of lower interest rates. Also, the longer you stay in your home, the more money you can save through a mortgage refinance. You may also need to pay upfront costs for closing your current loan before you can start with a new lender. *Rates in this case study may not be current, they are for illustration purposes only.
Steps in Refinancing Your Home Loan
Most homeowners in Brisbane follow these steps in refinancing their mortgage:
- Evaluate your current loan – Is your present mortgage provider able to meet your new goals, or is it time to find a new lender?
- Check your options – Comparing different lenders is more straightforward with assistance from a professional mortgage broker in Brisbane.
- Calculate the cost of refinancing – Ask your refinancing broker about the fees you need to pay so you can get out of your loan
- Submit your refinancing application – Team up with a mortgage broker to send your refinancing application to your shortlisted providers.
- Secure pre-approval – Your shortlisted lenders will conduct a valuation of your property and notify you if you are pre-approved.
- Get approved – Your chosen lender will send you a mortgage contract containing all critical documents about your new home loan.
Brisbane Lenders Refinancing Home Loans
PFC Mortgages can help you find the mortgage refinancing offer that is most suitable according to your preferences and needs.
We are working with more than 32 lenders in Brisbane to find you the perfect home loan.
As a professional mortgage company, we can negotiate better rates with top lenders, including ANZ, Commonwealth Bank, Westpac and more.
Home Refinancing Frequently Asked Questions (FAQs)
Is it time to refinance your mortgage loan? Here are the top reasons by homeowners in Brisbane usually find a new loan provider:
- Consolidate debt
- Home renovation
- Buy another property for rental business
- Buy a new car
- Find lower rates
- Switch from fixed rate to variable rate (vice versa)
Weight in the costs and benefits of refinancing your home loan before you make a decision. Think about the long-term effects of refinancing, not just the short-term advantages.
Refinancing is the process of applying for a new home loan to pay out for your current mortgage, usually with a different provider who can provide you with better deals such as lower interest rates or longer payment terms.
Mortgage refinancing is also known as loan switching because you are switching your current mortgage to a new one.
The process of mortgage refinancing is quite similar to the process of applying for a new mortgage.
You or your broker will start by looking around and comparing interest rates and other terms with available brokers to see which has the best offer.
If you are refinancing your mortgage in Brisbane, a broker’s local experts can assist you in exploring the usually complex process and help you land a better deal.
Your mortgage broker from Brisbane can:
- Match you with Brisbane lenders that are willing to refinance your mortgage based on your credit profile
- Help you compare interest rates so you can take advantage of lower repayments
- Guide you through the mortgage refinancing process
- Advise you on how you can best refinance your home loan
While mortgage refinancing can help you save money, the unintended impact can affect your credit score.
Remember, refinancing will require you to close your mortgage account and open a new account. This activity may cause your rating to drop. But as you make repayments over time, your score should also improve.
During the mortgage application, your lenders may request credit checks, which are known as hard enquiries. These checks are usually reflected on your report and can impact your score.
Shopping around and shortlisting lenders will help in minimising the challenging enquiries.
Note that if refinancing is executed correctly, the effect is temporary, and your rating should recover shortly.
Moreover, you’ll have a good chance of qualifying for more favourable terms if your credit score has improved since you were approved for your first mortgage.