With at least a couple more RBA rate rises on the way and many Fixed Rate loan agreements about the expire, many of us may soon be feeling the pinch when it comes to managing the family budget. The average WA family have been paying a fixed rate of 1.99%, which when switching to a variable loan will be hiked to greater than 5%.
Is now the time to refinance your loan?
Whether you’re thinking of refinancing an existing loan, or, applying for a new loan to upgrade your current home, there is no doubt that your lending capacity has significantly changed in the last 6-12months. You may have already approached your bank or broker to have been told a big, fat “NO!”. I would say, be careful who you choose to work with as there are too many below average brokers around town.
This is where we can help…
A client recently approached their broker to assist with a loan to purchase a property we were selling, and after advising the buyer that the application would be fine and the buyer having their offer accepted, the broker would then not even present the buyer’s application to the bank as they all of a sudden weren’t ‘qualified’ in the brokers opinion.
So, we referred the client to our preferred broker whose industry knowledge and experience got the deal done in 4 days! It went a little something like this:
Thursday 9th Feb Client referred and qualified, supporting documents requested.
Friday 10th Feb Application loaded and submitted to lender late afternoon.
Wednesday 15th Feb Application Formally Approved at 90% + LMI of purchase
Working with a good broker has many benefits, not just turnaround times and approvals as above, but also interest rate discounts, refinance rebates, and first home owners grants.
If you’ve been thinking about refinancing, are looking to purchase a property soon, or have been told “NO” by your bank or broker – we’d love to help you by putting you in touch with our experienced and knowledgeable broker.