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Darwin Refinance

You can look for great home loan refinance deals with a local Darwin Mortgage Broker.

Refinancing lets you change your home loan to suit your new circumstances. Mortgage experts recommend all home owners conduct annual assessments of your mortgage to assess whether the original home loan you chose is still the most suitable option.

How does refinancing work?

When you refinance, you simply take out a new loan and then you use some or all of the funds to pay out your existing loan. You can choose a new loan with your existing lender, or change lenders.  It may be that you want to change from a fixed to a variable, but stay with the same lender.  Or you may change lenders to get a better deal.

What are the costs of refinancing?

The fees are really jsut the same as when you took out your current loan.  There are set up fees for the new loan, which you wil be familiar with, but the real kick to the guts can come when you realise what exit fees you will be charged to leave the current mortgage.

Many lenders are competing for business and you may well be surprised at how many fees are waived by the lender you are planning to go with.

However, here are the fees that will come with refinancing:

• Mortgage Stamp Duty: Some lenders may pay this on your behalf, but don't count on it.  And it's likely you will have the initial outlay then the lender will pay you back.  Some states - Victoria, ACT and NT - do not impose stamp duty.
• Application Fees: Some loans will have an application fee, others may not.  The fee could be waived if the lender has a promotion, it pays to ask.
• Document Preparation, Settlement and Legal Fees: These legal fees can vary from lender to lender, it's a good idea to ask now rather than later.
• Valuation Fees: These fees depend on the lender and, sometimes the value of the property. In many cases, if there is only one property involved, there may be no valuation fee. Again, ask the lender now.
• Exit fees:  Exit penalties, early repayment or deferred loan fees.... they all add up.  Check what exit fee you will be charged, and how much. Depending upon the loan you currently have these charges can be relatively small, or as much as $20,000.

For more info on refinancing your home loan call or submit your details on line: