Refinance

• Is your existing home loan not working for you?
• need extra features attached to your loan?
• seeking a lower interest rate home loan?
• looking to pay off a home loan faster?
• want to reduce your mortgage repayments?
• time to restructure your loans?
• looking to consolidate your debts?
• like to utilise the equity in your property?
• maximise your investment leverage?

Is refinancing worth it?

Well this really depends on the reasons for considering a refinance and many additional aspects must be taken into account such as deferred establishment fees, discharge fees, early termination penalties, set up costs and fees for any new loans. Differences in interest rates alone may not find you a more competitive mortgage when costs such as account keeping fees, annual fees and switching costs may very well end up costing as much as has been saved through reducing the interest rate. Ability Finance can carefully assess your current loan and prepare comparison reports comparing your existing home loan to the most competitive home loans we currently have available that may meet your needs. We can even demonstrate if it may be better to loan restructure with you present lender.

A Home Loan Refinance example

One recent client had a basic variable interest rate home loan from a popular bank with $160,000 remaining to pay. Simply through maintaining current repayment amounts and the weekly repayment frequency, Ability Finance were able to reduce the term of this loan by a minimum of 3 years with a projected saving of almost $50,000.00 over the life of the loan. This was achieved simply by refinancing with a loan product selected by our customer after comparing loan products from our wide range of banks and other specialist home loan lenders as they were demonstrated in the easy to understand home loan comparison that Ability Finance use to assist clients short-list and compare home loans.

Another Home Loan Refinance example

Self employed business person requires extra working capital for the business. Existing investment property with adequate equity is refinanced with a lender who allows cash out for business purposes when refinancing.

The additional working capital for the business is obtained at regular residential home loan rates.