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Switching home loans has never been easier

When we originally apply for a home loan, the goal is to find the lowest rate and most favourable terms for our mortgage. We may have found the best home loan at the time but the market is rapidly changing and with that comes new rates and new loan terms.

Perhaps you’re finding that other lenders are offering better terms and bonuses to borrowers that switch. This could peak your interest and make you curious about the benefits of switching home loans to a new mortgage provider.

In fact, many people may not have known that home loan refinancing was even possible. Switching could even be a better option than refinancing.

In some cases, it might not even be the market that has changed but it might be your financial situation. Many of us apply for mortgages when we’re younger and don’t have a lot of financial history in place. This could lead to higher interest rates and less desirable loan terms.

If you find yourself in a better financial situation today, you might be able to switch home loans and receive a lower interest rate and better benefits with a home loan refinance solution provided by Fox Home Loans

 

Happy Family discussing next home loan
A family of 3 smiling after their Home Loan refinance.

Is now a good time to switch home loans?

The best time for a home loan switch is when the market is slumping or slow. This is when lenders are looking for opportunities to provide loans to homeowners and they might be more willing to offer you a beneficial loan package if you switch.

When the market is in favour of the lenders, they’re not anxious to sign up new borrowers so they would rather contain what they have and remain steady on their rates and bonuses.

What to consider when changing home loans

It’s important to understand that no one is forcing you to change home loans, so if you decide to do this, you want to make sure you come out on the winning end of the deal.

At Home Loans, we’re here to help you with that. We will look at the market and our large panel of lenders to find you a deal better than the one you currently have.

Using comparison rates to compare different mortgages can help because the comparison rate will take into consideration other costs associated with the mortgage such as regular fees and not just the interest rate.

You’ll want to talk to your current lender about your intentions as well because they might offer you something to get you to stay. Ideally, we would love your business but we want you to make the choice that will put you in the best financial situation moving forward.

In some cases, you may even have to pay a fee to end your current loan.

Speak to our mortgage brokers
Happy parents sit back in their newly refinanced home while their two children draw in the foreground.

How to switch home loan lenders

If you’ve decided that switching lenders might be the right choice for you then you’ll want to start by comparing interest rates and looking at how much equity you have in your home. If you have at least 20% equity in the home, you might be able to qualify for a home loan switch without having to pay mortgage insurance.

You’ll want to contact your current provider to see what changes they’re willing to make, if they plan to offer you anything to get you to stay, and what types of cancellation fees they charge (if any).

Calculate a break-even point and figure out if the costs to switch home loans would be beneficial in the long-run. You might find that the benefits of switching make it worth it to pay the termination fees and switch anyway.

Speak to our mortgage brokers

Home Loan Options

Pre Approval

Home loan pre-approval is a process by which a lender reviews your financial and credit history to determine how much money they would be willing to lend you for a home purchase. Pre-approval is not a guarantee that you will receive a loan, but it does provide an indication of how much you can borrow and the terms of the loan.

To obtain pre-approval, you typically need to provide the lender with information about your income, assets, and debts, as well as your credit score. The lender will use this information to assess your creditworthiness and calculate how much they are willing to lend you.

The pre-approval process typically takes a few days to a week, depending on the lender and the complexity of your financial situation. Once you receive pre-approval, you can start shopping for homes with the confidence of knowing how much you can afford to borrow.

Enquire for Pre Approval

First Home Buyer

A first home buyer loan is a type of home loan specifically designed for individuals who are purchasing their first home. These loans typically have features that are intended to help first-time buyers enter the property market, such as lower deposit requirements, reduced or waived fees, and government incentives.

It’s important to do your research and compare the features and costs of different loans to find the one that best suits your individual needs and financial situation. Or leave it to the experts at Fox Home Loans. We’re here to help first home buyers navigate the complex road to owning their first home.

Enquire for your First Home Loan

Home Loan Refinance

Home loan refinance is the process of replacing an existing home loan with a new loan from a different lender or with a different loan product from the same lender. The primary purpose of refinancing a home loan is usually to obtain a better interest rate or to access different loan features or benefits.

When you refinance a home loan, you essentially pay off the existing loan with a new loan, and the terms and conditions of the new loan may differ from those of the old loan. For example, you may be able to obtain a lower interest rate, switch from a variable rate to a fixed rate or vice versa, or access features such as offset accounts or redraw facilities.

Refinance your Home Loan

Home Loan Switching

Before you start the process of switching home loans, it’s important to consider why you want to make the switch. Do you want to lower your interest rate, access different loan features, or consolidate debt? Understanding your reasons for switching can help you choose the right loan product and lender.

It’s important to note that switching home loans can be a complex process, and it may be helpful to seek advice from a mortgage broker like Fox Home Loans to ensure that you are making the right decision for your individual circumstances.

Switch Home Loans

Investment Property Loans

An investment property loan is a type of home loan designed specifically for individuals who are looking to purchase a property for investment purposes rather than to live in themselves. These loans are typically used to purchase a property that will be rented out, with the rental income used to help repay the loan.

It’s important to carefully consider the costs and risks associated with investing in property and to do your research to find the right investment property loan for your needs. A financial advisor or mortgage broker may be able to provide guidance and advice to help you make informed decisions about your investment strategy.

Enquire for an Investment Property Loan

Renovation Loan

A renovation home loan, also known as a home renovation loan or a home improvement loan, is a type of home loan that is specifically designed for borrowers who want to renovate or improve their existing home. These loans can provide funding to cover the cost of renovations or improvements, which can be a more affordable way to upgrade a home than selling and buying a new property.

If you are considering a renovation home loan, it’s important to have a clear understanding of your renovation plans and budget, and to work with a reputable lender or mortgage broker who can help you find the right loan product for your needs.

Enquire for a Renovation Loan

Some Handy Calculators

Calculate Your Borrowing Power
Calculate Your Borrowing Power

Work out how much you can borrow based on your income and expenses

Calculate Now
Refinance Calculator
Refinance Calculator

Discover how much you can save by refinancing or switching home loans

Calculate Now
Stamp Duty Calculator
Stamp Duty Calculator

All it takes is a few easy steps to find out your upfront costs

Calculate Now
Property Purchase Calculator
Property Purchase Calculator

Work out how much it could cost you to purchase a property

Calculate Now
Couple signing their investment property documents

5 Simple Steps to Refinancing your Home Loan

  • 1. Enquire
    1. Enquire

    Enter some basic details in our simple online form.

  • 2. Speak with an Expert
    2. Speak with an Expert

    Discuss your refinance loan preferences and application information.

  • 3. Discuss
    3. Discuss

    Discuss the features and benefits of your proposed refinance options.

  • 4. Sign Your Documents
    4. Sign Your Documents

    With our technology, you can simply sign your loan documents electronically.

  • 5. Get Money Back in Your Pocket
    5. Get Money Back in Your Pocket

    Your refinance transition will occur when settlement is finalised. It's that simple!

5 Simple Steps to Refinancing your Home Loan

What Our Clients Say

Why Choose Fox Home Loans?

Questions about switching home loans?

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