You may be looking to refinance your home loan in order to get a better interest rate, or better service or a longer IO period or in order to get access to the equity that you have built up. These are all perfectly valid reasons to do a home loan refinance. While a refinance can save you money you need to realise that if you take it the new loan over a longer term it can cost you money in the end.
Generally a refinance is straight forward and takes around 3 weeks unless you have some other debt that you want to consolidate in which case you really need good advice. Pick up the phone and call us now for no obligation, free chat.
It is a full application and so requires valuation, title checks and new mortgage documents. But one of the most common delays is your existing lender needs time to prepare the discharge of the existing mortgage – for some lenders this can be 10 to 15 days. Remember it is not in the their interest to move quickly
It is a requirement of the Consumer Credit Act and the National eConveyancing strategy.