Looking for a better deal on your existing home loan?
Refinance your mortgage
Refinancing your home loan from one bank to another can be tricky. Calculating the cost of refinancing is very important and the thumb rule is that you should refinance only if it is beneficial otherwise you shouldn’t.
You can refinance your mortgage for one or more reasons:
– To secure better interest rate and cash back offer
– To consolidate your high-interest bearing debts
– To borrow funds for renovation or holidays or other plans
– To move from minoo bank or private lender to mainstream bank
– To diversify your portfolio in multiple banks
– To give a fresh start to your mortgage
Best time to refinance:
Ideally, the best time to refinance your mortgage is when:
– Your existing home loan is due for re-fixing and you don’t have to return cash back to your existing bank; or
– Your existing home loan is not due for refixing but you are paying high-interest rate and since the market has changed, you want to take benefit of lower interest rates combined with new cash back from the new bank; or
– Any other reason has motivated you to move across to another bank
Cost of refinancing:
We will help you in calculating the cost of refinancing and doing a cost-benefit analysis of this exercise. Typically, following costs are involved in refinancing a home loan:
– Fixed loan term breakage cost
– Cashback return
– Solicitor cost to move your mortgage
– Registered valuer’s report cost
– Property discharge cost
– Any other cost depending on the type of property or new bank’s requirements
Use our “Refinance Calculator” to determine whether it is beneficial for you to move to a new bank or not.
Why choose us:
Maybe last time you missed the chance of getting your home loan designed by a professional mortgage adviser and did not obtain personalised financial advice. When we help you move from one bank to the other, we help you to redesign your overall mortgage portfolio to best suit your financial goals and priorities. We can also work closely with your solicitor and accountant if you are also planning to change property ownership and loan structure for tax planning purposes at the same time.
Mortgage freedom planning
We can prepare “Mortgage Freedom Plan” for you so that you can be mortgage free as soon as possible according to your capacity.
Tie-up with all major banks
We have the tie-up with all major banks in New Zealand. This means that we can approach multiple banks at the same time to bring out best interest rate and cash back available in the market for you at that period.
Choose the best option
We can compare deals available through multiple banks to arrive at the best-suited option for you. It will give you confidence and will allow you to take an informed decision.
We can keep you updated with the status so that you can do the right step at the right time for smooth transition. We also work closely with your solicitor, accountant, valuer or any other person involved to make sure that you can make a stress free move to the new bank.
Documents required to refinance your mortgage:
Generally, following documents are required to process your refinance application:
– Understanding any break cost and cash back return involved in the transaction
– Latest 3 payslips of each applicant
– Latest 3 months salary and transactional bank account statement
– Latest 3 months existing home loan statement
– Latest 3 months statement of all debts being consolidated
– Passport of each applicant
In case, any of the applicants is self-employed, the bank will require last 2 years of business financial statements to determine the level of earnings for that applicant.
Get in touch with us:
Contact us on 0800 700 600 and book appointment to have a no-obligation meeting to assess your overall position and get on to the next steps.