Refinancing & Restructuring

The cost of refinancing your home loan isn’t too high. The primary cost will be the discharge fee charged by your existing lender which generally ranges from $250-$400.

Other common associated fees associated with refinancing typically include:

1. Application Fees: Some lenders charge an application fee to process your refinance application, which can range from $1 - $350. A lot of lenders however have nil application fees.

2. Valuation Fees: Lenders often require a property valuation to determine its current market value. As your mortgage broker, we can generally get the valuation done for free.

3. Settlement Fees: Some lenders charge a settlement fee to settle your refinance application which, can range from $1 - $350. A lot of lenders however have nil settlement fees.

4. Other Costs: Additional costs may include PEXA fees, government charges and state government fees for registering the new mortgage. These costs usually work out to be less than $200.

At Rosh Partners, we can help you evaluate the costs and benefits of refinancing to ensure you make an informed decision that aligns with your financial goals.

Streamlined refinancing is a simplified process offered by a few lenders that allows borrowers to refinance their existing loans with fewer requirements and less paperwork compared to traditional refinancing.

Streamlined refinancing often features reduced documentation requirements and means the lender can offer an assessment rate of 1% + the home loan rate instead of the usual 3% buffer. This can be particularly beneficial for homeowners looking to lower their interest rates or adjust their loan terms without the extensive hassle of a standard refinance.

At Rosh Partners, we can help you determine if streamlined refinancing is a suitable option for your financial situation.Item description

Refinancing your home or investment loan can offer several benefits, including:

1. Lower Interest Rates: If interest rates have decreased since you took out your loan, refinancing could lower your monthly payments and save you money over the life of the loan.

2. Better Loan Terms: Refinancing may allow you to switch from a variable to a fixed rate, or vice versa, providing more stability or flexibility in your repayment plan.

3. Access to Equity: If your property value has increased, refinancing can enable you to access equity for renovations, investments, or other financial needs.

4. Debt Consolidation: Refinancing can help consolidate higher-interest debts into your mortgage, potentially lowering your overall interest costs.

5. Improved Cash Flow: A lower monthly payment can free up cash for other expenses or investments, improving your financial situation.

At Rosh Partners, we can help you assess whether refinancing is the right option for you, taking into account your financial goals and the potential benefits involved.

The best time to consider refinancing your home loan is when:

1. Interest Rates Drop: If market interest rates have decreased since you secured your original loan, refinancing could lead to significant savings on your monthly payments.

2. Your Credit Score Improves: If your credit score has increased, you may qualify for better rates and terms, making refinancing more beneficial.

3. Your Financial Situation Changes: If you’ve experienced a change in income, such as a raise or a new job, or if you want to consolidate debt, refinancing can help improve your cash flow.

4. Increased Home Value: If your property value has risen, you may have more equity to tap into, allowing for potential cash-out refinancing to fund renovations or investments.

5. Changing Financial Goals: If your financial goals or needs have shifted, such as wanting to pay off your mortgage faster or reduce monthly payments, it may be a good time to explore refinancing options.

At Rosh Partners, we can help you determine if it's the right time to refinance based on your unique circumstances and financial goals.

The refinancing process typically takes anywhere from 2 to 4 weeks, but the exact timeline can vary based on several factors, including the lender, your financial situation, and the complexity of the loan. Key steps in the process, such as application submission, property appraisal, and underwriting, can influence how quickly you complete your refinance. If you have all the necessary documentation ready and your lender has a streamlined process, it may be completed more quickly.

At Rosh Partners, we can guide you through each step and help ensure a smooth refinancing experience.