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Refinance your mortgage and save thousands on your debts

  • Lower fees
  • Lower interest rate
  • Get back on top of your finances
Refinancing your mortgage can help you regain control of your finances by consolidating your debts and saving you thousands on interest.

Refinance your mortgage with Positive Solutions Finance and stay on top of your home loan repayments

Your Mortgage Refinancing Experts in Adelaide

With mortgage arrears in Australia currently at an all-time high, it’s now more important than ever to make sure you’re staying on top of your home loan repayments. If you’re struggling, refinancing your mortgage may be an option to decrease your interest rate and fees.

Mortgage refinancing is the process of taking out a new mortgage to repay an existing one. There can be many reasons to refinance: a job change influencing your financial situation, a current lender’s loan rate that isn’t keeping pace with the competition or even to consolidate your debts. Even if there isn’t any specific reason you have in mind, it’s always worth weighing up the viability of refinancing your mortgage from time to time. If you’re looking to refinance your mortgage in Adelaide, Positive Solutions Finance can help.

Why Refinance Your Mortgage?

Refinancing can be a smart way for you to manage your money. It can give you the option to secure a better deal, consolidate your debts, or unlock equity in your current property, depending on the options you take. When refinancing your home loan, you generally want to increase, decrease or keep the loan amount the same.

Increase Your Mortgage

Refinancing your mortgage may be used to consolidate debts or release capital for other expenditures such as home renovations or a much needed holiday. Home loan rates are much lower than the rates attached to credit cards, so consolidating your debts into your mortgage can make repayments simpler and reduce the interest you owe each month.

Decrease Your Mortgage

Refinancing your mortgage to Decrease the loan amount may reduce the loan term, lessen your monthly repayments and secure a lower interest rate. If you have a lump sum you wish to add to your home loan, refinancing may not always be necessary. But it’s best to assess the current interest rates lenders are offering to see if there is a better deal more suitable for your changing needs.

Keeping Your Mortgage the Same

Keeping the loan amount the same rather than lowering or decreasing it means you are likely looking for a better deal. What constitutes as a better deal is only answered by you and your individual financial circumstances. You may be currently paying for extra facilities you don’t need, have improved your credit score and can now secure a better rate, or you may want to change your home loan from a fixed or variable rate to take advantage of market conditions. No matter the case, comparing your home loan options online is a great way to start.

How Does Refinancing Your Mortgage Work?

Step 1

Examine the costs by checking in with your current lender. Depending on the terms and conditions of your current home loan, the costs involved will vary.

Step 2

Compare home loan products to establish if you can find a better deal than your current home loan.

Step 3

Apply for your new home loan. Once you’ve been approved, we’ll take care of the rest.

What Costs are Involved in Refinancing Your Mortgage in Adelaide?

Understanding the costs involved with refinancing is an important part of deciding if refinancing your mortgage is right for you. Sometimes the costs of refinancing can substantially increase your loan amount and if this is the case, it could possibly cancel out any savings you might make on a lower interest rate. All costs involved are dependent on your circumstances and current home loan terms and conditions.

Mortgage Duty/Stamp Duty/Transfer Duty

No matter what they call it in your state, these charges will not apply if you refinance your home loan, provided the borrower and amount of the loan remain the same. However, in some states you may be required to pay duty if the amount you refinance is in excess of the original loan amount.

State Government Fees

You may be required to pay both registration of mortgage fees and transfer of mortgage fees.

Lender's Valuation Fee

Most lenders will require your property to be valued (or re-valued) prior to agreeing to refinance. Some lenders require you to cover the cost, where others will cover it or build the cost into their establishment fees.

Exit Fees

These fees are often charged by your current lender when you discharge your loan early. Exit fees can include a variety of charges such as discharge fees, break fees, document retrieval fees, etc. Your current home loan agreement will outline exactly what fees are payable when you exit your home loan.

Lenders Mortgage Insurance

If you borrow more than 80% of the value of your property, you will most likely have to pay Lenders Mortgage Insurance (LMI) when you refinance. This protects the lender in the event you can’t meet your repayment obligations.

Refinance Your Mortgage in Adelaide with Positive Solutions Finance

If you’re thinking about refinancing your home loan, it’s important to seek professional advice about your financial goals and the best way to go about achieving them. At Positive Solutions Finance, we have years of experience helping people refinance their home loans for many different reasons. Get in touch with our Adelaide team on 1800 40 3328. We are here to improve your financial position and help you get your finances back on track.

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