Refinancing

Why Refinance Your Mortgage?

• Lower Interest Rates:

  Take advantage of better rates to reduce your repayments and save on interest.

• Debt Consolidation:

  Combine multiple debts into one manageable mortgage payment.

• Access Equity:

  Access the equity in your home for renovations, investments, or other financial needs.

• Change Loan Features:

  Switch to a loan with more flexible features, such as offset accounts or redraw facilities.

• Shorten Your Loan Term:

  Pay off your mortgage sooner and reduce your overall interest costs.

Potential Fees When Refinancing

While refinancing can offer many benefits, there may be some fees to consider:

• Break Fees:

  These may be charged if you break a fixed-term loan early.

• Application Fees:

  These may be charged by your new lender to process your refinancing application.

• Legal Fees:

  These may be incurred when finalising your new loan and discharging your existing loan.

• Valuation Fees:

  Some lenders may require a valuation of your property before approving the refinance.

• Discharge Fees:

  These may be payable to your current lender to release the mortgage.

• How Plaxo Mortgages helps:

  We’ll help you understand the associated costs and weigh them against the potential savings.