Refinancing your home loan is a significant financial decision that can offer a multitude of benefits when done strategically. Whether you're looking to secure a lower interest rate, access equity for home improvements, or consolidate debts, the refinancing process can be a valuable tool in your financial toolkit. To help you make informed decisions and understand what to expect when applying for finance, let's explore the key considerations and steps involved.

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1. Assessing Your Current Loan

Your broker will take a close look at your existing home loan with you. This involves examining rates, loan term, and outstanding balance. Additionally, any features and benefits of your current loan will be reviewed, such as offset accounts or redraw facilities. Understanding your current loan terms is essential when comparing them to potential new options.

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2. Valuation of Your Property

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A critical early step in the refinance application process is to evaluate your property's current market value and compare it to your existing mortgage debt. This assessment plays a crucial role in determining the suitability of refinancing and helps us craft an effective strategy tailored to your needs.

 

3. Researching and Comparing

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Navigating the dynamic landscape of the financial market, you'll discover a multitude of home loan products to choose from. However, it's vital to recognize that not every advertised product will be within your reach. When you embark on the journey of refinancing your loan, our dedicated team will guide you through the finance application process.

In addition to exploring the diverse loan options available, there are other crucial factors to consider, including Loan-to-Value Ratio (LVR), lending policies, and serviceability. At Fidelis Financial, we're here to assist you every step of the way. One of our experienced brokers will be your trusted partner, helping you navigate this intricate process. Our commitment involves in-depth research and comparison of various lenders and loan products to pinpoint the one that perfectly aligns with your unique financial goals.

 

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4. Calculating Costs

When it comes to refinancing, there are associated expenses, such as application fees, valuation fees, and discharge fees from your current lender. Our team will conduct an assessment to determine the potential cost associated with discharging your mortgage, and compare them to the potential savings or advantages offered by the new loan. This ensures you have a clear understanding of the financial implications before proceeding.

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5. Loan Application and Approval

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After you've discussed and finalized the strategy with your broker, we'll kickstart the application process. This involves completing the lender's application form, providing all required documentation, and undergoing a thorough financial evaluation. Financial institutions will assess your eligibility based on various criteria, including your credit history, income, and expenses. Take time to gather and organize your financial documents, such as payslips, bank statements, and tax returns. Ensuring your finances are in order will streamline the application process. 

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9. Receive Loan Offer

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Once your assessment is successfully completed, the lender will extend a formal loan offer to you. Our team will play a vital role in guiding you through this process, assisting you in signing the necessary legal documents, and closely monitoring your application until the settlement is finalized.

 

10. Loan Settlement

The final step in the refinancing process is loan settlement. This involves transferring your existing loan to the new lender, paying off your old loan, and establishing the new loan. 

 

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Refinancing a home loan can be a strategic move to improve your financial situation and achieve your goals. By defining your objectives, conducting thorough research, and carefully managing the application process with Fidelis Financial, you can navigate the refinancing journey with confidence.