The need to refinance a home mortgage in Melbourne can arise in any of the following situations;
a) Your property was purchased using an interest only loan facility, the interest only period is coming to an end, and your current lending institution is unwilling to further extend the interest only period.
b) Your home mortgage is about to revert to a variable interest home loan after a fixed interest period ends, and the variable rate offered by your lender is not as competitive as it should be in today’s environment.
c) You now have substantial equity in your home, but your current mortgage rate does not reflect the reduction in the risk of any default, now much lower than previously faced by your lending institution.
d) Your current lending institution has failed to pass on all, or the majority proportion, of recent interest rate reductions, when their competitors have been more generous.
It is important to seek advice from industry experts, preferably someone independent of your current lending institution, as early as possible when considering refinancing options.
This is especially important, if you are coming to an end of an interest only loan, as recent legislative changes and changes to bank lending criteria, may see your lending institution decline any request to refinance your loan.
Should this occur, and the loan is called in by the current lending institution, you may be forced to sell your property to meet your obligations under the loan agreement (https://www.abc.net.au/news/2019-10-28/interest-only-reset-hurting-borrowers-despite-rate-cuts/11637350), unless you are able to refinance the loan with another lending institution.
Any Mortgage Advisor in Melbourne who is accredited to act as a Mortgage Broker under their own credit licence, or who is working as an accredited representative of the holder of a credit licence, is well placed to help you firstly with advice in respect to your personal financial situation, and then where and if appropriate, to assist you to select the best loan product from a wide selection of lenders, to refinance your Melbourne Home Mortgage.
If you utilised a Melbourne Mortgage Advisor to initially obtain your existing loan, and you were satisfied with their assistance on that occasion, then that person would ideally be the one you should first approach, for assistance to Refinance your Melbourne Home Mortgage.
If you were not satisfied with their services at the time, or they have moved on from the industry, there are many others available who can provide the necessary assistance. Remember that choosing a mortgage broker is all about creating a long-term relationship, and a wrong choice can result in a loss for you, be it money, time or both. Choose wisely.
Remember that Oz Lend are a very experienced and totally trustworthy Melbourne Mortgage Advisor who specialise in Mortgage Loans and have vast experience in assisting clients to Refinance Melbourne Home Mortgages.