Refix or Refinance Loan
Refinancing of home loan is made easy with Accord Home Loans
Should I refix or refinance my loan?
Refixing is continuation of your existing loan by negotiating a new fixed rate term with your existing Bank. By default, loan moves to variable rate on expiry of your current fixed term. This is the time you could negotiate for better rates with your existing lender and possibly seek incentives for continued loyalty to the bank.
Refinancing your home loan means pay off your existing loan and start fresh again with another bank which offer better terms. You would consider refinance if the current bank does not offer favourable rates and cash incentives available in the market.
It can be an opportunity to pay less in interest and pay off your mortgage faster.
At Accord home loans, we will do a complete analysis of your financial situation, current loan structure, interest rates you are paying, household income and expenses. With refinancing a mortgage, we can re-evaluate your financial goals and help you pay off your loan faster find better offers which can help you, offering lower interest rates or consolidating your existing debts resulting in long term benefits.
We work with several lenders and are able to provide better refinance options. We work in favour of our client’s interest and help them reach their financial goals faster.
Refinance your mortgage with Accord Home loans
Take advantage of a lower interest rate
We could negotiate for a lower interest rate than what you are paying currently for your home loan. A lower interest rate will consequently lower your monthly instalments. We have to consider your break fee amount and work out costs & benefits before doing the switch.
Consolidating your debts
If you have multiple loans, consolidation of other loans allows streamlining your high-interest rate debts into a single loan with a better interest rate. This will not only make your loans manageable but could also lower your interest rates and repayments.
Not happy with the service from your current lender
The lending criteria of every bank is different. Some banks are slow to adapt to the changing interest rates, provide poor service, or do not agree to provide additional loans. We could approach another bank or lender who can provide better service, gives better offers and may also help you with extra funding and more amenable terms.
Change in your financial position
If your financial situation changes or the level of income changes, it will affect your ability to make the loan repayments. Based on your income being reduced or increased, refinancing a mortgage could help you to manage your repayments better, save on interest or create an opportunity to pay off your loan sooner.
It is important to consider some costs which could occur when you are refinancing your mortgage. These include:
Early repayment cost
Due to refinancing, when you pay off your old loan before the maturity period, the current bank or lender may charge a break fee. In some cases, the new bank which gives you a new loan will also incur some fees.
Other charges
It include exit or discharge fees, legal fees to the solicitor to get the mortgage changed, some of the cash rewards given by the existing bank has to be returned, property valuation costs (the bank organises the valuation, but the cost is incurred by the client).
Our team at Accord home loans would negotiate for a better offer to make sure that the benefits or savings you may get by refinancing your mortgage would outweigh the costs incurred from switching.
Why choose us to refinance your mortgage?
We collaborate with various lenders to get the better offers for our clients.
We help cross-check each deal provided by the different banks based on the interest rates, account fees and loan packages offered and choose the offer which is best for the client to reach their financial goals with benefits.
Our team will help with the documentation, liaising with the valuers and legal team to undergo a smooth and hassle-free transition between your old and the new bank or lender.