Mortgage Refinancing​

Brian and Donal form The Brixwell Group talking sitting with clients

What is mortgage refinancing?

You’ve either seen it on TV, heard about it on the radio, or have been advertised to on the internet with regards to it, but what is mortgage refinancing? Refinancing is simply the process of moving your existing mortgage from one lender to another and starting your loan again. 

Why do this you ask? On this page we will go through some of the common reasons that people look to refinance their mortgages to shed some light on this topic for you.

Why would I refinance my mortgage?

As mentioned above people refinance their loans for all sorts for reasons.

The most common reason that we see if when people are looking to get a better interest rate to help them reduce their interest charge and potentially reduce their monthly loan repayments.

Others wish to consolidate existing debts such as personal loans or credit card to simplify their financial situation. As an example, this could allow them to make 1 repayment per month on their collective debts, as opposed to several repayment each month. This will also have the added benefit of reducing their interest cost as mortgage debt generally attracts a lower interest rate than credit cards and personal loans.

Given the nature of our business, a major reason why our clients look to refinance their mortgages is to release equity from their homes. Typically they would use these funds to purchase an investment property, conduct renovations, or even in some cases to purchase a new car. See how much equity you might have by clicking here.

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What are the financial benefits of refinancing my loan?

Depending on the reason’s why you would like to refinance your loan, the benefits can be significant. Some people can save literally thousands of dollars per year in interest repayments by making the switch. 

Some people want to increase their cashflow by resetting their repayment timeframe. This can give them money to invest, or create a better standard of living for themselves.

Others want greater flexibility by adding features like an Offset Facility. An offset facility (or account) can give people the ability to reduce the amount of interest paid to their lender over the life of the loan. It does this by allowing them to sit their savings alongside their loan, offsetting the amount of outstanding debt they have, while still giving them access to their funds. 

As mentioned previously, people also tend to refinance their mortgages so they can releasing equity in order to purchase an investment property. This can give them an easy way of growing their property portfolio and potentially their long term wealth, without the need to have cash savings in the bank.

How do I refinance my loan?

If you are looking to refinance your existing loans for whatever purpose, our team here at The Brixwell Group is here to help. 

We have access to a large panel of lenders (40+), meaning we can find the most competitive deal for you, sure to meet whatever needs you have. 

Just say hello in our chat function bottom right, or click on appointment top right to book in a suitable time for our consultants to give you a call so that we can get the ball rolling for you.

Whether you are looking to consolidate debt, get a sharper interest rate, or even release equity to purchase an investment property, we are the team you want behind you to make things happen.

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If you’re considering an investment property purchase and would like some guidance we’d like to hear from you. On a quick phone call we can help determine your current equity position, borrowing capacity, and we can start to discuss potential loan structuring. We can also help you in choosing a property thats going to deliver on your expectations over the long run.