What is refinancing?
Refinancing your mortgage is moving your current loan/s with one lender to another lender, which can occur for a range of reasons such as better interest rates, specific product features or dissatisfaction with current lender. You may be looking to consolidate a handful of debts or to get some cash out for personal use.
You can also refinance back to the same lender whilst consolidating other debts into the one facility to make repayments easier by only having one payment, instead of multiple!
We act in the best interests of our clients and want to help you to find a cheaper alternative whilst also ensuring that your needs are met and that the bank is going to be suitable for you.
What can I get cash out for when refinancing?
When refinancing your mortgage, Bendigo Mortgage Brokers have a range of available lenders on the panel to assist your needs of getting cash out.
You can get cash out for the following purposes:
- Purchase a car, caravan, motorbike, boat or jet ski
- Renovations & home improvements
- Holiday
- Wedding
- Medical expenses & surgery
- Gifts for family members
- Divorce Settlement
There are limits on the amount you can get cash out for without proof, but numerous lenders will accept up to $250,000- without any documents required.
What debts can I consolidate with my refinance?
Consolidating your debts into the one facility can help to minimise the number of different repayments you have to make, by having it all in one repayment from the bank. It can assist you to break out of the constant debt cycle and pay them off.
Consolidating debts of the following is acceptable:
- Credit Cards, Afterpay, ZipPay, VetPay
- Car Loans, Personal Loans & HECS debt
- Tax Debts & Centrelink Debts
- Personal bills & debts
- Family debts
- Legal Debts
Most lenders will accept all these consolidations, but for more complex circumstances there may be less lenders to choose from.
What costs are associated with a refinance?
When refinancing your mortgage, in majority of cases it is free to use Bendigo Mortgage Brokers services but the banks do charge some fees, which include:
- Discharge of Mortgage fee from current lender, typically $350-
- Government Registration of Discharge $132- in Victoria
- Government Registration of Mortgage $132- in Victoria
There may be an establishment fee with the new lender, but that would be disclosed to you when commencing your application with us!
Are cashbacks from banks still a thing?
Cashbacks are when the bank is giving you some money post settlement to entice you to use their services, but also gives you some extra funds after the loan settles. Some banks do have cashback offers available, but there is not as many offers compared to previous years. As the banks are changing the amounts and offers available frequently, we cannot list them for accuracy reasons, but for more information on the offers currently available, please click here.
