Homeowners looking to refinance home loans to get better interest rates and features can save thousands of dollars over the life of their mortgage. If you are looking to save money, this guide has everything you need to know about refinancing. And where does a mortgage broker fit in? They guide you through the refinancing process and help you get the right deal for you.
Home Loan Refinance: What Does it Mean?
Refinancing refers to the process of taking out a new home loan to replace your existing mortgage. The new loan pays off the balance of your old mortgage, and you start making payments on the new loan.
A refinancing home loan can be a great way to save money by getting a lower interest rate, switching from a variable-rate mortgage to a fixed-rate mortgage or extending the term of your loan. It can also be used to consolidate debt or free up cash for home improvements.
Our experienced mortgage brokers at North Brisbane Home Loans can guide you every step of the way: from understanding your current situation to finding you the right home loan refinance deal. We have access to a full panel of lenders and thousands of loan options to match the right one for you. Whether you are looking to refinance for a better interest rate, different mortgage features or a better loan term, give us a call today to see how we can help you.
Why Should You Consider Refinancing Your Home Loan?
Watch our video on reasons savvy homeowners consider refinancing their home loan. Then you can read further on in this guide to learn 12 reasons why homeowners consider a refinance along with their benefits.
What’s in this video? Here’s a summary:
In this video, expert Mortgage Broker Pat Cranshaw discusses the reasons why homeowners might consider refinancing their home loans. Key motivations include securing a lower interest rate, especially when transitioning from a fixed to a variable-rate loan. Additional reasons for refinancing include funding home renovations, purchasing vehicles or covering education expenses. Refinancing can also provide financial relief by extending the loan term, which may be necessary for families facing tight budgets due to life changes.
Better Interest Rates
Many homeowners opt to refinance home loans to secure a lower interest rate. This decision to access better refinance home loan rates can lead to significant savings over the life of the loan, making monthly repayments more manageable.
Different Loan Features
When looking to refinance, such a move can offer access to beneficial features. Refinancing features like offset accounts or flexible repayments become available to you when you refresh your existing mortgage. These features can help homeowners tailor their home loan to better suit their financial needs.
Rate Type Change
Some homeowners decide to switch from a variable rate to a fixed-rate period on their mortgage through a home loan refinance. This change can offer more predictability, especially if they anticipate future interest rate fluctuations. Other homeowners may have been on a low fixed interest rate for the past few years and now are facing a very high default interest rate. Refinancing either to a new fixed rate or a better variable rate on offer are both reasons many homeowners seek a mortgage broker to help them when coming off a fixed interest rate.
Property Value Increase
As property values rise, homeowners might consider a home loan refinance to capitalise on their increased equity. This strategy can potentially offer better terms and even more favourable rates.
Improved Credit Score
Over time, if a homeowner’s credit score improves since they first purchased their property, they may be eligible for better terms on their mortgage. When refinancing with a higher credit score, a homeowner may be able to secure reduced interest rates and different features.
Income Changes
If there’s a significant change in a homeowner’s income, they might consider home loan refinancing. This can help adjust the loan to better suit their new financial situation.
Shorten Loan Term
By choosing to refinance, homeowners can potentially reduce their overall loan term. This decision may increase loan payments but can lead to long-term savings.
Lower Monthly Payments
You can potentially reduce monthly repayments by refinancing your current home loan. This adjustment may extend the life of your loan but can provide you with more financial flexibility each month.
Debt Consolidation
Homeowners often consolidate multiple debts into their mortgage by opting for a refinance. This strategy simplifies debt repayments and can result in a single, more manageable monthly payment.
Cash Out for Personal Needs
There is a type of refinance that allows homeowners to access their property’s equity. This equity can be used for personal expenses or investments, providing a strategic way to manage finances.
Home Renovations
Using the equity in a property through a home mortgage refinance loan can provide funds for home improvements. These renovations can enhance the property’s value and the homeowner’s overall living experience.
Big Purchases or Investments
When homeowners need funds for significant purchases or investments, a refinance can be used. By accessing the equity in their home, they can fund these expenditures without taking on separate, high-interest loans.
How to Refinance a Home Loan: 8 Steps to Follow
Refinance home loans with the help of a trusted NBHL mortgage broker and you will have a seamless, stress-free process Looking to give your mortgage a makeover? With the help of a trusted NBHL mortgage broker, refinancing has never been easier! Here are 8 simple steps to guide you through the process:
1
Define Your Goals and Financial Situation
The first step when you refinance a home loan is to evaluate your current mortgage and financial situation. Define your financial objectives and determine if refinancing aligns with your needs. Whether it’s lowering your repayments, accessing equity or consolidating debts, check to see if refinancing is your best recourse for these.
2
Crunch the Numbers
Calculate the potential savings you will get with a refinance based on your current financial situation. A trusted mortgage broker can identify and inform you of any potential penalties or fees for refinancing, such as exit fees or break costs. Then check your financial situation, which includes your income, expenses and credit score.
3
Ask a Mortgage Broker for Assistance
An experienced broker will help you do research on refinancing options with different lenders and compare their loan products. They can explain factors such as variable vs. fixed rates, repayment options, offset accounts and loan terms. They can help you find lenders that offer competitive rates and favourable terms that align with your financial goals.
4
Gather Documentation
Collect the necessary documentation required for the refinancing process. This may include proof of income, bank statements, identification documents, and details about your current loan. Having these documents ready will streamline the application process for refinancing your home loan.
5
Submit an Application
Submit a pre-approval application to your chosen lender. The lender will assess your application, creditworthiness, and the value of your property to determine if you meet their criteria for refinancing.
By using a mortgage broker, you can take the stress out of your application because your loan broker will ensure your application is the best it can be and submit it on your behalf.
6
Receive and Review Loan Offer
If your pre-approval is successful, the lender will provide you with a formal loan offer. Review the terms and conditions, including the interest rate, loan term, fees, and repayment schedule. Pay close attention to any potential fees or penalties associated with the new loan.
7
Get Help for Your Valuation and Legal Needs
Engage professionals to conduct a property valuation and handle the legal aspects of refinancing. A solicitor or conveyancer can review the loan documents and provide guidance to ensure your interests are protected.
8
Settlement and Savings
Once you are satisfied with the loan offer and have received the necessary advice for it, you can formally accept the offer from the lender. Your mortgage broker will guide you through the settlement process and will facilitate every step, from
finalising the paperwork and paying off your existing loan, to transferring the mortgage to the new lender. Your new loan will then be in effect, and you can start making repayments as per the agreed terms.
How Long Does It Take To Refinance a Home Loan?
Watch our video on how long a refinancing home loan takes when you use North Brisbane Home Loans.
What’s in this video? Here’s a summary:
In this video, expert Mortgage Broker Pat Cranshaw explains the timeline for refinancing a home loan. The duration can vary based on how quickly clients provide the necessary information and the lender’s processing speed. Depending on the lender and their current workload, the approval process can range from two to twelve days. Sometimes special offers or specific policies may cause delays. Overall, while it can be quicker, a three to four-week timeline is standard for completing the refinancing process.
Factors to Consider When Refinancing a Home Loan
When you refinance a home loan, you essentially replace your current mortgage with a new loan from the same, or a different, lender. A reputable mortgage broker Brisbane homeowners can trust will take the time to understand your finances, your goals and what refinance options will suit you now and into the future. Click through the below tabs to understand more about the factors that may influence your refinance options.
Equity refers to the difference between your property’s current market value and the remaining amount you owe on your mortgage. Before considering refinancing, it’s crucial to determine how much equity you’ve built up. Having substantial equity can provide options and potentially eliminate the need for Lender’s Mortgage Insurance (LMI).
- Current Market Value: Obtain an up-to-date property valuation. Real estate markets can fluctuate, and knowing the current value is essential in assessing your equity accurately.
- Loan Balance: Check your mortgage statement to see the remaining balance on your home loan. Subtract this amount from your property’s current market value to understand your approximate equity amount.
- Avoiding LMI: If your equity is above a certain threshold (usually 20% of the home’s value), you can avoid paying Lender’s Mortgage Insurance, which can be a significant cost saving.
- Loan-to-Value Ratio (LVR): Lenders assess the risk of your loan using the LVR, which is the loan amount divided by the property’s value. A lower LVR (meaning higher equity) can qualify you for better interest rates and loan conditions.
- Market Trends: Keep an eye on market trends as increasing property values can boost your equity, while a downturn could decrease it. This can impact your refinancing options and decisions.
Your credit score plays a pivotal role when you’re planning to refinance home loans. Lenders often offer the most favourable rates to borrowers with high credit scores. Before applying, ensure you’re in a strong position to secure a home mortgage loan refinance.
- Credit Report: Obtain a copy of your credit report and review it for accuracy. Dispute any errors you find, as these can negatively impact your credit score.
- Score Improvement Strategies: If your credit score is not where you want it to be, consider strategies to improve it. This can include paying down outstanding debts, avoiding new credit enquiries and ensuring all bills are paid on time.
- Payment History: Consistently making on-time payments is one of the most significant factors affecting your credit score. Ensure all your existing loans and credit cards are current and have no missed payments.
- Credit Utilisation Ratio: This is the amount of credit you’re using compared to your credit limit. Aim to keep this ratio below 30% as a lower utilisation rate is favourable to lenders.
- Length of Credit History: The age of your credit accounts also affects your score. Longer credit histories are seen as more stable, so avoid closing old accounts that can contribute positively to your credit history.
- New Credit Accounts: Be cautious with opening new credit accounts as each enquiry can temporarily lower your credit score. Multiple recent enquiries may signal financial instability to lenders.
This ratio is crucial when you want to refinance your home loan. It represents your total monthly debts divided by your gross monthly income. Lenders use it to assess your ability to manage and repay debts, making it a key factor in the refinance home loan process.
- Calculation of DTI: To calculate your DTI, add up all your monthly debt payments, including mortgage, credit cards, car loans, student loans and any other recurring debt. Divide this total by your gross monthly income (before taxes and deductions). Multiply the result by 100 to get a percentage.
- Ideal DTI Range: Most lenders prefer a DTI ratio of 43% or lower for refinancing. A lower DTI indicates better financial health.
- Reducing Your DTI: If your DTI is too high, consider paying down existing debts to lower the ratio. Focus on high-interest debts first to make a more significant impact on your monthly obligations.
- Income Increase: Increasing your gross monthly income can also help improve your DTI ratio.
- Lender Requirements: Different lenders may have varying requirements for acceptable DTI ratios. A professional mortgage broker will research and compare suitable lenders to find the right one for you.
Refinancing involves various costs, including application fees and potential break costs from your current home mortgage. It’s essential to factor in these expenses to determine if the potential savings from refinance loans will outweigh the initial costs.
- Application Fees: Many lenders charge an application or processing fee to cover the cost of reviewing your refinancing application. These fees can vary, so it’s important to compare different lenders.
- Break Costs: If you are breaking a fixed-rate loan before the end of its term, you may incur break costs or exit fees. These costs can be substantial and should be carefully considered when deciding to refinance.
- Legal Fees: Refinancing may involve legal processes, such as title searches and registration of the new mortgage. These legal services typically come with associated fees.
- Lender’s Mortgage Insurance (LMI): If your equity is less than 20% of the property’s value, you might need to pay LMI.
- Discharge Fees: Your current lender may charge a discharge fee to cover the administrative costs of closing your existing loan.
- Comparison of Costs vs. Savings: Calculate the potential savings from refinancing, such as reduced monthly payments or lower interest rates and compare them against the total costs involved. This will help you determine if refinancing is financially beneficial in the long term.
- Negotiating Costs: Some lenders may be open to negotiating certain fees, especially if you have a strong credit history or are a loyal customer. It’s worth discussing potential discounts or waivers.
While securing a lower interest rate is one of the primary reasons for a refinance, the term of the new loan may overextend the life of your loan. This factor should be scrutinised before you sign on the dotted line. Opting for a longer loan term might reduce your monthly repayments but could result in paying more interest over the loan’s life.
- Total Interest Paid: Extending the loan term means you will be paying interest for a longer period, which increases the total amount of interest paid over the life of the loan. It’s important to calculate and compare the total cost of the loan with different terms.
- Financial Goals: Consider your long-term financial goals. If paying off your mortgage quickly is a priority, a shorter loan term with higher monthly payments might be more suitable.
- Flexibility and Refinancing: A longer loan term can offer more flexibility with lower monthly payments, but it also means committing to a longer financial obligation. Assess your future plans and financial stability before deciding.
- Break-Even Point: Determine the break-even point where the costs of refinancing are offset by the savings from the lower interest rate. This will help you understand how long it will take to recoup the costs associated with refinancing.
- Impact on Equity: A longer loan term can slow the rate at which you build equity in your home. Consider how this might affect your ability to leverage your home’s equity for future financial needs.
If you have less than 20% equity in your home, you might need to pay LMI when you refinance your home loan. This insurance protects lenders if a borrower defaults, but it can add a significant cost to your loan.
- Purpose of LMI: Lenders Mortgage Insurance protects the lender in case the borrower defaults on the loan, providing a financial safety net for the lender.
- Cost Impact: LMI can be a substantial expense, often amounting to thousands of dollars, which is added to your loan amount and increases your overall repayment costs.
- Payment Options: LMI can either be paid upfront or rolled into your loan, which means it will be added to your loan balance and repaid over the life of the loan.
- Comparison Shopping: Different lenders have varying LMI policies and costs. It’s beneficial to compare options and potentially negotiate terms to minimise the financial impact of LMI.
Refinance home loans often come with features like offset accounts or flexible repayment options. When refinancing, consider which features are most beneficial for your financial situation.
- Offset Accounts: An offset account is a transaction account linked to your home loan. The balance in this account offsets the loan principal, reducing the interest charged. This can be a powerful tool for saving on interest while maintaining easy access to your funds.
- Redraw Facility: Some loans offer a redraw facility, allowing you to withdraw any extra payments you’ve made on your mortgage. This feature provides flexibility and can be useful for managing unexpected expenses.
- Flexible Repayment Options: This can include the ability to make extra repayments without penalty, switch between principal and interest or interest-only payments and/or adjust repayment frequencies to suit your cash flow.
- Loan Portability: If you plan to move in the future, consider a loan with portability features. This allows you to transfer your loan to a new property without the need to refinance, saving on fees and maintaining favourable loan terms.
Review the terms and conditions of your existing home mortgage loan refinance. Some loans might have early exit fees or other charges associated with refinancing, which can impact the financial benefits of making a switch.
- Early Exit Fees: Check if your current loan has early exit or discharge fees. These fees can be substantial and may affect the overall savings you gain from refinancing.
- Break Costs: If you have a fixed-rate loan, breaking the loan term early can incur significant break costs. Calculate these costs to determine if refinancing is still beneficial.
- Notice Periods: Some lenders require a notice period before you can discharge your loan. Ensure you understand these requirements to avoid delays and additional costs.
- Settlement Timing: Coordinate the settlement timing with both your current and new lenders to avoid any overlap or gaps in loan repayments, which could result in additional interest or fees. When using a mortgage broker, they negotiate settlement between the two lenders for you.
- Transfer Fees: There may be administrative fees for transferring your loan from one lender to another. Include these costs in your refinancing calculations to get a true picture of the financial impact.
Consider your long-term financial objectives and how the new terms of your refinance align with them. If you plan to move or sell your property in the near future, a refinanced mortgage might not offer the long-term benefits you’re seeking.
- Property Plans: If you intend to move or sell your home within a few years, weigh the costs of refinancing against the short-term benefits. Refinancing might not be cost-effective if you’re not staying in the home long enough to recoup the costs.
- Investment Goals: Align your refinance with your broader investment strategy. For instance, accessing equity through refinancing can fund other investment opportunities, but ensure this fits your risk tolerance and financial plans.
- Retirement Planning: Consider how refinancing may affect your retirement goals. A shorter loan term with higher repayments can help you pay off your mortgage before retirement.
- Debt Management: Using refinancing to consolidate high-interest debts into a lower-rate home loan can simplify your finances and reduce overall interest costs, but be cautious about extending the term of unsecured debts.
- Emergency Fund: Ensure that your refinancing decision allows for the maintenance or creation of an emergency fund. Financial flexibility is crucial for handling unexpected expenses without compromising your long-term goals.
Refinance Home Loans: The Benefits of Using a Mortgage Broker to Refinance Your Home Loan
Mortgage refinancing is a big decision and one that shouldn’t be taken lightly. There are a lot of factors to consider, and it’s important to get the right deal for you. Mortgage refinance brokers can help you compare rates and terms from different lenders, and negotiate on your behalf.
If you’re considering mortgage refinancing, it’s definitely worth speaking to a mortgage broker. These professionals can provide you with the following benefits:
Mortgage brokers have a broad industry knowledge base and can offer insights into the different options available to you. They can also help you compare mortgage interest rates and terms from different lenders, and negotiate on your behalf to get the most competitive home loan for your circumstances.
Ultimately, working with a refinance loan broker can save you time and money by helping you every step of the way.
Mortgage refinancing brokers can help to increase your pool of mortgage lenders when you’re refinancing home loans. They have access to a variety of home loan lenders and have long-standing relationships with each lender. Mortgage brokers can access deals and interest rates exclusive to their panel of lenders.
In addition, mortgage brokers are familiar with the different interest rates and terms offered by different lenders to ensure they are working in your best interest.
Mortgage brokers typically handle all of the paperwork associated with refinancing, which means that you can save a lot of time and avoid all the hassle. If you’re considering refinancing your mortgage, be sure to talk to a mortgage broker who specialises in refinancing first. They can make the process go smoother and easier for you.
Applying for a home loan refinance can be a time-consuming and frustrating process, particularly if you’re not sure where to start. A mortgage broker can help by taking the guesswork out of the equation.
They can help you navigate the complex world of mortgage refinancing, and may even assist in finding programs that can save you money. In short, working with these professionals can give you greater chances of getting your refinance approved.
Unlike banks and other financial institutions, mortgage refinance brokers are not beholden to shareholders. This allows them to focus on your financial interests first and are more likely to get you a better deal than if you went to a bank directly. If you’re thinking of refinancing your home loan, be sure to work with someone who is legally bound to work in your best interest.
These are just a few of the benefits of working with a mortgage broker with expertise in refinancing home loans. Meeting with a mortgage broker who is an accredited member of the Mortgage and Finance Association of Australia (MFAA) is essential to ensuring that you receive the highest level of service.
It’s also important to remember that all mortgage brokers are required by law to ensure that they are acting in your best interests through their ‘Best Interests Duty’ policy. This helps guarantee that not only will you be happy with your loan at a later date, but also that you can call on them again should any problems arise.
Our Home Loan Refinancing Videos
When Can You Refinance A Home Loan?
What’s The Difference Between ‘Rate and Term’ And ‘Cash-Out’ Refinancing?
How Do I Know If I Will Qualify For Home Loan Refinancing?
What Are The Potential Risks When You Refinance Home Loans?
Can A Mortgage Broker Give Me Access To The Best Refinancing Home Loan Rates?
What Impact Does The Loan-To-Value Ration (LVR) Have On My Refinance Home Mortgage Loans
Refinancing | Frequently Asked Questions
What Information Will I Need To Apply For A Refinance?
How Do Interest Rate Reductions Impact My Decision To Refinance Home Loans?
How Much Does It Cost to Refinance A Home Loan?
How Many Time Can I Refinance My Home Loan?
How Long Does It Take To Refinance A Home Loan?
Are There Any Hidden Feels When I Refinance A Home Loan?
Is It A Good Time For Me To Refinance?
Should I Refinance With A Fixed Or Variable Interest Rate?
Would You Still Consider Helping Me Refinance?
Can I Consolidate Other Debts When I Refinance Home Loans?
How Does A ‘Break Cost’ Affect My Decision To Refinance?
How Do I Work Out My Borrowing Capacity When Refinancing?
Are Cashback Offers Worth Switching Lenders?
Why Should You Consider Refinancing Your Home Loan?
Understanding Home Loan Refinance Rates and the Costs Involved
Best Tips For Refinancing Brisbane Home Loans
If you’re a Brisbane homeowner looking to refinance your home loan, there are a few things you need to know. Here are some tips that can help you get the most out of refinancing:
Determine what your credit score is
The first step to refinancing your home loan is to find out what your credit score is. This will help you determine what kind of interest rate you can qualify for.
You can get your credit score from a number of sources, and these include online credit report providers.
You can also visit the Australian Government Money Smart website for more information on how you can get your credit report.
NBHL can help you assess your credit score quickly and easily.
Weigh the pros and cons of debt consolidation
If you have multiple debts, you have the option of consolidating them into your home loan. This can be a good way to save money on interest payments.
Before you do this, however, it’s important to weigh the pros and cons carefully before making such a decision.
Run the positives and negatives of debt consolidation with an experienced mortgage broker to assess if it’s worth it in the long run.
Determine if you need a fixed or variable interest rate
Choose between a fixed interest rate and a variable interest rate.
A fixed-rate charges a defined rate of interest that doesn’t change for a period of time. At the end of a fixed interest rate period, you can choose to fix again or opt for the variable interest rate offered at the time.
A variable interest rate, on the other hand, has a rate that changes as time goes by. This means it can go up or down over the loan term, depending on market conditions.
These fluctuations in interest rates can happen at any time, but they often occur in accordance with
Know which loan features are the most beneficial
There are a number of different loan features you can choose from when you refinance a home loan. Some of the most popular options include redraw facilities, offset accounts, and fixed interest rates.
Think about which features will be the most beneficial to you before making a decision. If you’re unsure of which features to choose, our experienced mortgage brokers can walk you through the selection of mortgage features that are available. They can also help you choose the right one for you.
Compare mortgage products
When you’re choosing which refinancing home loan is best for you, remember to compare complete products on offer and not just the interest rates on these offers.
Some lenders may offer you a low interest rate but charge high fees for the service. To help get the best deal, always compare the total cost of the loan before making a decision.
Get ready for your property valuation
An important step in the refinancing process is the one where you get your property valued. A valuation is when your home is assessed for its worth and will help your lender check whether or not you have enough equity to qualify for a refinance.
Keep an open mind about loan options
You should be aware that there are a number of different loan options available to you. This is why it’s vital you keep an open mind when refinancing a home loan.
Talk to your mortgage broker about all of the different options you have and compare these carefully before making a decision.
Always work with an experienced mortgage broker
If you’re unsure where to start, or if you’re feeling overwhelmed by the amount of work involved in refinancing your home loan, having an experienced refinance mortgage broker by your side is one great way to get the ball rolling, so to speak.
Mortgage brokers can help you compare home loan options, understand what’s happening, and find the right deal for your situation
Reviews from First Home Buyers Brisbane, QLD
5.0 STAR REVIEWS
The best customer service ever! The team is still getting us fantastic rates and deals years later after our initial consultation... without asking!! They just do it!! Brilliant to deal with and would absolutely use them again and again.
Pat and Fiona are a dream team. As nervous first home buyers, they stepped us through everything. They were very accessible for appointments and had frequent, open communication I needed at all stages of the process. They are thorough and experts at what they do, helping us to get into a property faster and easier than we thought possible. They also got us an amazing interest rate. Highly recommend to anyone and will definitely be using them in the future for any subsequent purchases or refinancing.
Pat, Di and Jake were amazing to work with. We are first home buyers and they really helped us through the process and took the time to explain every little detail. Very friendly and down to earth. Would 100% recommend!
Brendan helped us find a loan perfect for us and our situation. Always happy to answer any questions and was very friendly. Would recommended the team here at NBH.
Pat and the team helped us secure our second mortgage and could not have been more helpful. They know their stuff and go above and beyond. Would highly recommend!!
Pat and his team are a league to their own, nothing but acute professional care with knowledge to match. Even with the banks being difficult they fought a good fight and got me approval. This is my 3rd mortgage with them and I won’t go anywhere elseA*
Very happy with the product and service provided by these guys, would recommend/use again
Exceptional service. I have used Pat for a number of years and he has always provided exceptional service. He provides clear and professional advice and always made sure the process was easy. I have used him for new mortgages as well as refinancing and every time it is seamless.I highly recommend Pat and his team to anyone looking for finance.
Best broker in town! . We’ve bought and sold a number of properties using other brokers, however our last purchase was the best experience we have ever had! Customer service and skill were on point and the speed and efficiency of the application was amazing. Patrick and his team went above and beyond to give us an experience that left us without stress and got us into our new home with ease. Cannot recommend these guys enough. They will have our business forever!
NBHL provide great service. They provide straightforward advice & their communication is fantastic
We recently engaged NBHL as our mortgage broker. Could not be happier with the whole team. The process was smooth, timely and painless. They provided fantastic advise along the way and went out of their way ensuring that we understood everything. I highly recommend the team at NBHLs. They were brilliant!
Patrick and his team are very people focused. They took the time to walk me through what can be a minefield, provided options and explained the process. I was so grateful for their updates and communication throughout the process. Knowing they were in control gave me confidence and that nothing was missed and the outcomewas exactly as discussed with no surprises. I will continue to use their services, it's a great family and local business.
The best in the businessWe have bought a number of properties over the years. Pat and and the team make everything so easy for us. Pat’s knowledge and expertise has saved us so much money over the years, and we will continue to go back to NBHL time after time.
Excellent service and knowledge. Pat and Jake were able to support through the entire process and were contactable almost every step of the process. They supported my loan preferences and knew the right angles to take to ensure successful loan approval and settlement.
Invaluable advice . We have engaged Pat and his team several times over the last 15-20 years, whenever we have needed to refinance. Each time the experience has been trouble free, taking all the pressure off us to wade through everything ourselves enabling us to make informed decisions about our home loans. We have even recommended Pat and his team to family members who have also had a very positive experience.
We highly recommend the service of Pat and the team at NBHL. Pat is extremely knowledgeable and professional, and works in an engaging and personable manner. Communication is always prompt, and we have been incredibly satisfied with the result each time we've worked with the team.
Outstanding, informative & efficient!Pat and the team have a truly spectacular and streamline business. Their secure platform, digital systems and informative communications & instruction helped us broker a competitive loan and secure a property. With how busy life can get, having North Brisbane Home Loans provide their services has been an absolute stress saver!
Best in the business!I have been doing business with NBHL for quite some time as Patrick is an exceptional Mortgage Broker! He is professional, very knowledgeable, and quick to respond to any questions I had regarding my home loan, he consistently exceeds my expectations. I highly recommend Patrick and his team to anyone applying for a home loan or just wanting to refinance.
We just recently purchased our first home with the help of NBHL amazing team! They have made this process so much easier due to their efficiency and outstanding communication. I cannot recommend them enough. Thank you so much Pat, Fiona and Di!
Pat and Jake helped me and my partner through so many questions when getting our first home loan! I can't imagine having a better crew on my team. I learnt so much, and felt like I had some great friends looking out for me along the way. Definitely recommend!
North Brisbane Home Loans stands out as best in the business for home loans. Pat and his team’s commitment to first class service and transparent communication make them leaders in their field. Their seamless and stress-free approach ensures clients receive a second-to-none service. I confidently recommend Pat and the team at North Brisbane Home Loans. Thanks team!
Pat and Jake were amazing, really want to shout out Jake for the effort he went to making sure that everything ran smoothly I couldn’t recommend the team more they were quick and made sure to follow up on every loose end and we ended up making the deadline and securing the place we wanted, you can see why they have such good reviews, even the little care package at the end with the letter addressed to us with the gifts the reviews really do show how much the team care about the work that that they do.Bogdan & Eleanor
Immense market knowledge and very professional. He has a very good experience and knowledge on the current market. He really paid attention to every detail and updated with the info needed. Due to his timely action, we were able to buy our First Home on time. 🙂 Grateful to him and the Team.
Easy and stress free . My wife and I have used Patrick a number of times and this time was no different to other experiences with him. He was always on hand to answer any questions and put our minds at ease. Patrick’s technology based approach made getting all our documents from our existing bank accounts into a format required for reviewing was brilliant to use. Anyone considering a new loan I would highly recommend Patrick Cranshaw and his services.
Wonderful experience with Pat, Fiona and the team at NBHL. As a first home buyer, they made it simple for me to understand and were very responsive to my questions and concerns. Thank you!
Pat and his team were a pleasure to work with while we were looking for our first home. I want to pay special thanks to Jake, who truly went above and beyond for us and was always happy to answer our questions (which there were many of)
The team at NBHL have been amazing throughout our whole time with them. As first home buyers they’ve made the process a lot more easier & stress free. Huge thanks to Pat & Fiona!
Thank you Patrick, Di and team. We really appreciate all the help and information you provided us with our first home loan. NBHL made the process simple and easy to go through. You and your team were very quick to answer any queries we had and easy to get in touch with. We will definitely be using the NBHL team again in the future.I recently had the pleasure of working with Patrick again after 3 years for our refinance, and I couldn’t be happier with the experience. Patrick, Jake and the whole team were extremely knowledgeable, professional, and patient as we navigated the whole process. They took the time to understand our needs and preferences, and found us the best suited option. The use of their portals to upload information and documents is a game changer! I would also like to mention the articles in the monthly newsletters are quite in depth and have been incredibly insightful. I have highly recommend Patrick and NBHL to friends, family and colleagues. See you next time! Cheers!
Fantastic support and experience! . My partner and I loved our experience with the Brokers, they were always knowledgeable, supportive and friendly in all communications. We were a little sad to stop our regular catch ups once we had our new home!
I can not recommend Pat and his team enough!They went above and beyond to help us get our loan at the best deal and worked around the clock for usCannot thank then enough!
Pat and the NBHL team are so helpful and easy to deal with. I used them for my first home purchase a few year ago, and recently for a refinance. Both times they were responsive and proactive, and able to answer all our questions in easy to understand terms. I won't hesitate to use them again next time
Pat and his team were fantastic to deal with for the purchase of our first home. Not only were we guided to a great rate, the hassle and stress was minimised greatly! Thanks NBHL, we’re super excited to be in our first home with your assistance.
The best mortgage broker I have dealt with. My application was not straight forward due my partner is on a different visa. I did try few other brokers before I reached out to NBHL, none of them had a correct approach or answers for my situation. But Patrick and team have experience dealing with similar situation to mine, he took time explaining every single possibility and how to approach them.Any issues you come across, they will know how to handle it.Would definitely recommend to friends and family.
I can highly recommend Pat Cranshaw and his team for prompt, honest and professional advice. I very much appreciated Pat's knowledgeable advice on refinancing my home loan . Thank you and best wishes to Pat and his team.
Pat, Jake & their team are absolutely great at securing the best rate. I have been using them for many years now, and always consult them for refinancing every 1-2 years to check what is the best rate available to me. They are able to negotiate much better rates with the banks than if you go to the banks directly.
Without pre-approval, Pat and Jake allowed us to buy ourselves the house we wanted. They managed to get us financial approval with a lender perfect for us in only 6 days.We are very happy with our experience and would recommend others to use NBHL when looking for a fast and easy borrowing experience.
Highly Professional and helpful. I would highly recommend Pat and his team!! Our situation was slightly complex, however they guided us through the process and were able to achieve a successful outcome.Their professionalism and communication with us were of the highest order. I would highly recommend Pat to anyone looking for a homeloan!!
Seamless from start to finish! Pat and his team were amazing. The whole process was so easy and painless. The application process was seamless from the upload of supporting docs right through to the actual signing of loan application and mortgage docs. Pat and his team were there to support us every step of the way with regular contact and simple explanations. I can’t thank them enough.
I can’t thank the team at North Brisbane Home Loans enough for getting my home loan unconditionally approved today after an unexpected last-minute hiccup. From the very first call I had with Pat, talking me through the process and various options, to liaising with Di and Jake through the pre-approval process and then having Fiona on speed dial over the past week or so, answering all my calls and diligently working to get full approval while up against the clock - everything was done promptly and efficiently, with all communications clearly setting out what was required at every stage to make the whole process seem less daunting. Nothing was too much trouble for this friendly, helpful, calm-under-fire, amazing team. Woohoo! Thank you, thank you, thank you! Team work really does make the dream work and NBHL are the dream team. Thanks again!
This is the second time we have used Pat and the team; this most recent venture was exceptionally complicated, daunting and stressful. However Pat and Jake almost made it simple. They responded to my 1000 panicked emails with patience and clarity, never sugar coating anything. All the legalities were made transparent and easy to understand. We are so happy to say as from today, this amazing team of professionals played a very big part in bringing a very traumatic previous 18 months for our family to an end, with our new home purchase becoming unconditional literally hours ago. We can't thank them enough, it's been a long journey, but we made it thanks to them. If there was an option to pop down 10 stars, we wouldn't hesitate. Thanks, NBHL
Very helpful. Patrick was very professional and easy to deal with, and I felt that I could ask all the silly questions during the home loan refinancing process and get real answers and still be taken seriously. He took his time to explain my different options thoroughly, and made the process as smooth as possible once a decision had been made.
10/10 recommend. Pat recently helped my husband and I remortgage our home and the whole process was simple and effortless. I always felt like Pat and his team were working hard for us and we were looped in through the whole process. Would absolutely recommend 🙂
Exceptional Broker and Team - Honest, Prompt and Realistic. Highly recommend Patrick and the Team he works with. Our trusted broker that we go to repeatedly for mortgaging and refinancing. Always honest and seeks products that fit primary needs, plus offers valuable and realistic advice. The only broker we refer our friends and family to! Always in touch with us on time, made refinancing easy, friendly and upfront - every member of the Pat's team answered all our questions and laid out the steps ahead well in advance of settlement. Refinancing couldn't have gone any smoother! Only praise to share. We will continue to use Pat indefinitely.
Excellent customer service, advice and attention to detail.Have now used NBHL for re-financing our home loan and to purchase our investment property. Can highly recommend.
Luke and the team at NBHL were a pleasure to deal with throughout the entire process of buying our first home. Luke was always contactable and made the effort to answer all our queries promptly and simplify the entire journey. As first home buyers we couldn't imagine buying without the help of such a knowledgeable team that has put a great emphasis on customer care.
I am writing to express our sincerest gratitude for the exceptional assistance you provided us in navigating the complex process of securing a home loan. Your professionalism, clear communication, unwavering transparency, and adept use of technology truly set you apart.You consistently ensured that we understood each step of the home loan process. Your ability to explain complex financial terms in a simplified manner made us feel confident and empowered in making informed decisions.Moreover, your expertise in utilising technology to streamline the loan application process was truly remarkable. From secure online document submission to virtual meetings, you effortlessly incorporated modern tools into our interactions. This not only saved time but also demonstrated your commitment to staying at the forefront of industry trends, ensuring a smooth and efficient experience.Once again, thank you for everything you have done. I wish you continued success in your endeavours, and may your expertise positively impact many more individuals like myself.Well done Team North Brisbane Home Loans!!
6 years ago we used NBHL service to buy our house/land package as a first time owner in Australia. Pat, Di and the team have been really professional. Everything went so smoothly. A month ago, we contacted NBHL to discuss any possibility to buy an investment property. Luke has been awesome, and went through all the options in details. Here, again the communication was great and everything went smoothly. Highly recommended.
Hassle-free re-finance. Pat and the team from North Brisbane Home Loans made our complicated re-finance very easy. The team go out of their way to ensure a smooth loan application/transfer process. Second time with this great experience from the NBHL team, highly recommended.
Friendly, professional service for expat loan refinancing. Pat, Di and team were incredibly helpful, patient, and flexible while finding an Aussie non-resident refinancing solution for me. These days that is no easy task!They kept me informed at every stage of the process from the solution hunting, to the decision making and throughout the closing process.Their services were invaluable and I couldn’t recommend them highly enough.
I contacted Pat at North Brisbane Home Loans based on their reviews. From the minute I spoke with Pat I felt at ease with his knowledge, experience, friendliness and felt straight away that he had our best interests at heart.Pat, Di and the team at North Brisbane Home Loans are so lovely and took away a lot of the stress of the whole process by communicating regularly and by explaining in detail all answers to any questions we had. They guided us through every step of the way and now thanks to the team we are in our dream home.Thank you all so much, we are over the moon!10/10 recommend!
Pat, Di, and the team at North Brisbane Home Loans are fantastic. They supported us every step of the way in our home loan application/home buying journey, and we couldn't be happier with the service recieved. They made the process so easy for us and we will definitely use their services again. We highly recommend!
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Pat was amazing in taking us through a step by step guide on how to purchase our first home!They were extremely responsive throughout the entire process with consistent and reliable communication.Would recommend to anyone looking to get into the market with a knowledgeable Broker!Thankyou.
The most amazing service from Pat & Di at NBHL. Their expertise and patience throughout the entire process made it feel easy to buy our first home. Their guidance and support was immeasurable and we couldn’t have done it without them!Thanks to the team at NBHL for everything.
Fantastic mortgage Broker!We used Pat and his team when we originally bought our first home back in 2017, and they were so fabulous that we went back to them this year (2022) to re-mortgage and change up our home loan. They do a wonderful job - great communication and dedication to get you the best rates possible. They also fix any mistakes the bank makes for you, quickly and efficiently. Can't rate them high enough, we will definitely be going back to them in the future.
Knowledgeable, Professional and CalmBack in 2021 a colleague referred me to Patrick, we weren’t ready to buy yet but wanted to meet Pat as he had helped my colleague with his family home, plus 2 additional investment properties. My colleague was so impressed by the services offered by Pat that I had to meet him for myself! He didn’t disappointment, we decided after our first meeting on a plan and locked in to touch base again in a years time!1 year later, everything was in place and Pat helped us put everything in place and we are now proudly living in our new family home!Many healthily conversations were had, and Pat is really knowledgeable but we also appreciate his cool and calm manner.We will not hesitate to refer him and North Shore Home Loans to friends and family. We will also definitely be reaching out again when we expand our investment portfolio in the future.
We had a great experience with North Brisbane Home Loans. Our broker was Luke and he was excellent in listening to what we needed and providing us with loan options that would work for our situation. We liked the videos they provided explaining the product options and recommendations. Being able to watch the videos in our own time was helpful. Fiona was amazing in collating all our information and documents and working with the bank once we did find a house. The communication and customer service was superb. I would recommend NBHL.
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Luke was brilliant in taking us through a step by step guide on how to achieve our goals, provided us with useful resources, and was very willing to answer all questions we had as first home buyers. We had a tight settlement timeline and the team (Luke and Fiona in particular) made it appear effortless. They were extremely responsive throughout the entire process with consistent and reliable communication. We could not recommend NBHL highly enough!
My husband and I are grateful to Luke, Fiona and the team at North Brisbane Home Loans they are absolutely brilliant to deal with.We had a very pleasant experience with Luke he took the time to investigate several different scenarios to get us the best possible product and solution. Luke and Fiona were very responsive to our queries even calling after hours when necessary. While we were first time home buyers they reassured us every step of the way, confident in their advice and decision. Their patience and willingness to walk us step by step each process over the phone was greatly appreciated.Overall a very efficient and professional organisation you won’t be disappointed.
I had an absolutely amazing experience with North Brisbane Home Loans. I was able to buy my first home with the advice, help and professional guidance of Pat and his team. I was very well looked after from the minute I reached out. Everything was handled in a very friendly, professional and timely manner. Whenever I was worried, unsure or needed assurance I was replied to promptly with everything I needed to know. The team were even willing to drive to my workplace to ensure all of my documentation could be signed and submitted promptly. I cannot recommend them enough!
Why Choose North Brisbane Home Loans?
5 Star Rating
Being a top-rated finance broker in Brisbane, NBHL puts you and your needs first. Our team genuinely wants to help you achieve your property ownership dreams with a range of refinancing options available to you.
We’ve served hundreds of happy customers. If you want to find out what they think about working with check out their reviews here.
Experienced Mortgage Brokers
Our team has more than 90 years of combined experience in the finance industry.
With such a wealth of experience, our expert refinance brokers can confidently offer you the best advice when it comes to finding the right refinance option for your needs.
We Work For You – Not The Banks
NBHL doesn’t charge you any fees for home loan refinancing services. Our commission comes from the lender.
This means our top-rated refinance brokers are by your side, helping you every step of the way.
We strive to assist you in selecting the right refinancing home loan product for your individual circumstances.
Exclusive Partner Network
Not only does NBHL provide you with the right advice on your home loan refinancing needs, but we also introduce you, our clients, to our network of trusted partners who are constantly offering discounted rates.
Save time and money searching for reliable building and pest, real estate agents, solicitors and more. We have what you need right here.
North Brisbane Home Loans has more than 90 years of combined experience and can provide expert advice to homeowners considering a home loan refinance.
North Brisbane Home Loans: Your Best Choice for Refinancing Your Home Loan
North Brisbane Home Loans is one of Australia’s leading mortgage brokers. We’re backed by more than 20 years of experience, helping people refinance their home loans and reaping multiple accolades for what we do. Our mortgage brokers know the process inside and out, and we’re here to help you every step of the way.
NBHL offers a free, no-obligation consultation so that we can learn about your unique situation and goals. We’ll then work with you to find competitive home loan options for your needs. We’ll compare products from a range of different lenders so that you can be sure you’re getting the right refinancing deal for you.
If you’re ready to start saving money on your home loan, and looking for a mortgage broker near you, contact us today to schedule a free consultation. We look forward to helping you achieve your financial goals.
Home Loan Refinancing Frequently Asked Questions
Why should you consider refinancing your home loan?
Refinancing your home loans allows you to change the terms of your mortgage to get lower interest rates and monthly payments. In addition, you can access equity from your loan for home improvements, repairs, or even renovations.
What are the different types of home loan refinancing?
These are the 2 most common types of refinancing:
External refinance – refers to refinancing by transferring your loan to another lender.
Internal refinance – this is when you refinance your home loan with the lender that you’re already working with.
The type of refinancing that you choose is crucial as it helps you decide if it’s even necessary for you to refinance in the first place. Opting for internal refinancing, for example, might save you from paying fees associated with changing to another lender. It’s best to speak with an experienced mortgage broker to decide which option is best for your personal situation.
What are the reasons to refinance your home loan?
There are several reasons for refinancing a home loan. Here are some of them:
- You want a lower interest rate to save more money
- You need a loan that suits your needs
- You have other loans that you’re paying off
- You want to renovate, improve, or repair your home
- You want to invest in properties, shares, or other opportunities
How do I work out my borrowing capacity when refinancing?
To calculate your borrowing capacity when refinancing, ask a professional mortgage broker to help you. Refinance mortgage brokers can provide you with unbiased opinions regarding your options. Of course, you can talk to banks or non-bank lenders, but they’ll try to convince you towards their own refinancing home loan options without considering what else is available.
How do I know if I will qualify for home loan refinancing?
Aside from documents like proof of income and a list of existing loans and expenses, there are several criteria for eligibility to qualify for home loan refinancing. Here are some of them:
- Proof of Australian citizenship/permanent residency
- Have more than 20% of equity in your home
- Excellent credit score
- Must be employed and have proof of income
What information will I need to apply for a refinance?
A professional mortgage broker will have a checklist of all the documents required to help you refinance your home loan. These documents include, but are not limited to the following:
- Personal information and an ID
- Proof of income (tax returns if self-employed, payslips if employed, and business activity statements for business owners)
- Current home loan record
- Statement of living expenses
- Statement of assets and liabilities
Should I refinance with a fixed or variable interest rate?
The interest rate of a home loan refinance is crucial for those looking for better options. A mortgage broker can help you sort through the options available, depending on your unique situation. They can also help you understand what the interest rates on your loan will mean for your repayments.
Mortgage brokers can also help you understand the difference between getting a fixed rate vs. a variable interest rate. You can opt for a fixed rate if you want security and stability in your repayments during a set period of time. On the other hand, variable home loan rates will work if you want to take advantage of cash rate movements.
Is it a good time for me to refinance?
If you’re unsure whether it’s the right time to refinance, you can ask for the help of an NBHL mortgage broker. They will know what to do before you make that big of a financial decision. If you have a mortgage with a high interest rate, refinancing can save you thousands of dollars over the life of the loan. But if your credit score is low, or you have other debt problems, refinancing might not be your best option.
When can you refinance a home loan?
You can refinance your loan at various stages throughout the life of your mortgage. There is no limit to how many times you can review your mortgage, and our team at North Brisbane Home Loans can help you with a free, no-obligation review at any time to help you understand the pros and cons of your specific circumstance.
How long does it take to refinance a home loan?
The timeframe to refinance a home loan can vary, but it typically takes around 4-5 weeks.
How much does it cost to refinance a home loan?
The cost of refinancing a home loan can vary depending on factors such as lender fees, valuation fees, and legal fees.
Can a mortgage broker give me access to the best refinancing home loan rates?
A qualified mortgage broker Brisbane homeowners can rely on will provide access to a wide range of competitive home loan refinance rates from various lenders. They can help you explore and compare different options to find the most suitable rate for your specific needs and financial situation.
While NBHL cannot claim that certain rates are the “best” in the market, as determining the best rate depends on individual circumstances and preferences, our team can help you find the most competitive rates available. Our mortgage brokers have a legal duty of care to work in your best interest, so you can have peace of mind that the options presented to you are exactly that.
Are cashback offers worth switching lenders?
Cashback offers from lenders can be enticing, but it’s important to carefully evaluate their worth when considering switching lenders. While a cashback offer can provide an immediate financial benefit, look beyond the short-term incentive and consider the long-term implications of the loan.
Cashback offers are often used by major banks as a customer retention strategy, rather than focusing on educating borrowers and providing competitive interest rates. They can create a distorted market and potentially hide the true cost of a loan. Furthermore, the recent trend of major banks winding down their cashback offers indicates a shift in the lending landscape. Borrowers should be cautious about solely relying on cashback offers as a deciding factor for refinancing.
Before making a decision based on cashback offers, you should carefully read the fine print, understand the terms and conditions, and consider the overall cost of the loan. Consulting with a mortgage broker can provide valuable guidance in evaluating the full range of loan features, interest rates, and potential savings to make an informed decision that aligns with their financial objectives.
How many times can I refinance my home loan?
There is no specific limit to the number of times you can refinance your home loan. You can refinance multiple times throughout the life of your loan if it makes financial sense and aligns with your goals.
What are the potential risks when you refinance home loans?
Refinancing can offer many benefits, but it’s also essential to understand the potential risks. These might include extended loan terms, higher overall costs, or penalties for early loan repayment. Always weigh the pros and cons before making a decision.
How does refinancing impact my credit score?
Every time you apply for a refinance home loan, the lender will conduct a credit check. This is to ensure that you fit their refinance home loan eligibility criteria. This can temporarily lower your credit score. However, if refinancing leads to more manageable repayments and you maintain a good repayment history, it can positively impact your credit score in the long run.
What's the difference between 'rate and term' and 'cash-out' refinancing?
‘Rate and term’ refinancing involves changing the interest rate or loan term without adjusting the loan amount. In contrast, ‘cash-out’ refinancing allows you to access some of your home’s equity as cash, increasing the loan amount.
Are there any hidden fees when I refinance a home loan?
While refinancing can lead to savings, be wary of potential hidden fees. These might include application fees, valuation fees, and break costs. Always ask for a detailed breakdown of all charges.
How do interest rate reductions impact my decision to refinance home loans?
Interest rate reductions can make refinancing more attractive. However, it’s essential to consider the entire loan package, including fees, features, and flexibility, not just the interest rate.
What's the role of a home loan refinance mortgage broker in the refinancing process?
A broker can guide you through the refinancing process, helping you compare different home mortgage loan refinance options, understand fees, and find a loan that suits your needs.
How do I determine if the savings from refinancing outweigh the costs?
To determine if refinancing is financially beneficial, calculate the total costs of refinancing and compare them to the total savings over the loan term. If the savings are greater, refinancing might be a good option.
What impact does the loan-to-value ratio (LVR) have on my refinance home mortgage loans?
LVR is the amount you’re borrowing compared to your home’s value. A lower LVR often results in better interest rates and loan terms, making it a crucial factor in the refinancing decision.
How does a 'break cost' affect my decision to refinance?
If you have a fixed-rate loan and decide to refinance before the fixed term ends, you might incur a ‘break cost’. This fee compensates the lender for the interest they’ll miss out on and can impact the financial benefits of refinancing.
Can I consolidate other debts when I refinance home loans?
Yes, many Australians consolidate other high-interest debts, like credit cards or personal loans, into their mortgage when they refinance. This can simplify repayments and reduce the overall interest paid, but it’s essential to consider the long-term implications.
Can I speak with a mortgage broker in North Brisbane?
Absolutely. Our mortgage brokers at North Brisbane Home Loans are equipped to assist you with your mortgage needs. They can provide guidance tailored to your specific situation in North Brisbane. Feel free to reach out to us at 07 3889 9719 or book an appointment online to discuss your home loan requirements and explore the options available to you.
Book a Free Home Loan Refinancing Consultation with an NBHL Broker
To book a free home refinancing consultation, or for expert mortgage broker advise to help you refinance your mortgage, contact the team at North Brisbane Home Loans.
