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Home Loan Refinance: Ultimate Guide

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Savvy homeowners are saving money on their home loans by refinancing with the help of an expert mortgage broker. Read on for our ultimate guide to refinancing a mortgage and ask us for a home loan health check.

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Home Refinance: Unlock Better Rates and Save Money On Your Mortgage

Do you want lower mortgage payments on your home loan? If so, you may want to refinance your home loan. Refinancing your mortgage – with a new or the same lender – can be a great way to save money on your monthly payments, shorten the length of your mortgage, or access cash. If you’re considering refinancing, be sure to compare rates from different lenders and understand the costs involved when you are looking to get a new mortgage.

In this guide, we’ll walk you through the entire process of refinancing, from start to finish. We’ll cover everything you need to know, including:

The benefits of refinancing your home loan
The factors to consider before refinancing
How to find the best lender for your needs
The steps involved in the refinancing process

We’ll also provide you with some tips and tricks to help you save money on your home loan. If you are considering refinancing, this is the guide for you.

If you are looking to lower your interest rate as soon as possible, schedule a free appointment with our expert refinance mortgage brokers and we’ll see how we can help you.

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Why Should You Consider A Mortgage Refinance? Discover the Benefits and Savings

Refinancing your home loan can be a great way to save money and improve your financial situation. There are many reasons why you might want to refinance, but some of the most common benefits include:

If your interest rate is creeping up from your lender, it can be a good idea to shop around for a better interest rate. If you are facing a fixed interest rate period about to end, it is a very good idea to understand where you can find a lower interest rate instead of going on the standard variable rate with your existing lender.

Refinance to a lower rate

If your interest rate is creeping up from your lender, it can be a good idea to shop around for a better interest rate. If you are facing a fixed interest rate period about to end, it is a very good idea to understand where you can find a lower interest rate instead of going on the standard variable rate with your existing lender.
If you're looking to pay off your mortgage sooner, refinancing to a shorter loan term can help you do just that. This could save you money on interest in the long run, and it could also give you peace of mind knowing that you'll be debt-free sooner.

Get a shorter mortgage term

If you’re looking to pay off your mortgage sooner, refinancing to a shorter loan term can help you do just that. This could save you money on interest in the long run, and it could also give you peace of mind knowing that you’ll be debt-free sooner.
If you have other high-interest debt, such as credit card debt or car/personal loans, you may be able to save money by refinancing your home loan and consolidate debt into your mortgage. This could lower your monthly payments overall and help you pay off your debt faster.

Consolidate debt

If you have other high-interest debt, such as credit card debt or car/personal loans, you may be able to save money by refinancing your home loan and consolidate debt into your mortgage. This could lower your monthly payments overall and help you pay off your debt faster.
If you need cash for a major purchase or emergency, you may be able to access it by refinancing your home loan. This is called a cash-out refinance, and it allows you to borrow against the equity in your home.

Access cash

If you need cash for a major purchase or emergency, you may be able to access it by refinancing your home loan. This is called a cash-out refinance, and it allows you to borrow against the equity in your home.

If you’re considering refinancing your home loan, it’s important to compare rates from different lenders and understand the costs involved. You should also consider your financial situation and whether or not refinancing is the right decision for you. However, if you’re able to refinance and take advantage of a lower interest rate, you could save a significant amount of money over the life of your loan.

Mortgage brokers are legally obligated to work in your best interest and can take all the stress out of refinancing. A professional mortgage broker like ZEP Finance will compare a range of lenders and mortgage products for you and advise on your options that will help your personal financial situation.

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The Pros and Cons of Refinancing Your Home Loan

Before you refinance your home loan, it’s important to weigh the pros and cons. Some of the pros of refinancing include:

Lower monthly payments
Lower interest rate
Access to cash

Some of the cons of refinancing include:

Fees and costs in changing over your mortgage from one lender
to another
Changes to your mortgage terms

Chat to the ZEP Finance team to understand more about the pros and cons of refinancing your mortgage before making a final decision.

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Refinance Home Loans: What You Need to Know Before You Start

If you’re thinking about refinancing your home loan, there are a few things you need to know before you start:

Your credit score and whether you need to improve your credit
score before applying for a refinance
Your current interest rate and how it compares to the market
The amount of equity you have in your home, and whether your
home value has recently changed
The costs associated with refinancing

Working with a mortgage broker means you can learn most of these things without having to do your own research!

Refinance Home Loans Explained: Your Path to Lower Mortgage Payments

1. Compare refinance rates from different lenders: There are many different lenders out there, so it’s important to compare rates before you choose one. A mortgage broker specialising in refinancing will present you with this information and also give you the details on why they recommend certain options for your situation so you can make an informed decision.

2. Choose a lender and settle your new loan: Once you choose a lender, your mortgage broker will do all the paperwork and submissions for you and book your settlement on your new loan.

3. Make your new monthly payments: Once your new loan settles, you will then switch to your new interest rate and new monthly payments.

At ZEP Finance, we also offer a follow-up meeting with all our clients to ensure your loan and payments are all working like they should and if you need any assistance.

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The Best Time to Refinance Your Home Loan

The most ideal time to refinance your home loan is when interest rates are low and when there’s a lot of competition between lenders for refinance rates. This doesn’t mean you should not refinance if interest rates are on the rise.

Savvy homeowners take advantage of a home loan health check when their interest rate is creeping up and it’s time to find a better deal. However, at any time, there are a number of factors to consider, such as your credit score and the amount of equity you have in your home.

If you’re thinking about refinancing your home loan, it’s a good idea to talk to a mortgage broker

Book with ZEP Finance

Common Mistakes to Avoid When Refinancing Home Loans

There are a few common mistakes that people make when refinancing their home loans. Here are a few things to avoid:

This can cost you a lot of money in the long run and if you rely only on your current lender or doing your own online research, you could be missing out on a lower interest rate you could secure through a mortgage broker.

Not comparing refinance mortgage rates from different lenders

This can cost you a lot of money in the long run and if you rely only on your current lender or doing your own online research, you could be missing out on a lower interest rate you could secure through a mortgage broker.

Although lowest interest rate is usually a major factor in people wanting to refinance their mortgage, an expert mortgage broker will advise you on the bigger picture to ensure you get the right home loan refinance deal for your personal circumstances.

Focusing only on getting the lowest interest rate

Although lowest interest rate is usually a major factor in people wanting to refinance their mortgage, an expert mortgage broker will advise you on the bigger picture to ensure you get the right home loan refinance deal for your personal circumstances.
Refinancing should be done with your future plans and financial goals in mind. You might be wanting to sell your property in a few years, move for your career or start a family, which are all factors you need to consider when looking to refinance and change home loans.

Not thinking about future plans

Refinancing should be done with your future plans and financial goals in mind. You might be wanting to sell your property in a few years, move for your career or start a family, which are all factors you need to consider when looking to refinance and change home loans.
You can certainly do your own research and ask family and friends for advice, but only a mortgage broker with expert knowledge in the lending industry will be able to guide you with your home loan finances in your best interest.

Not seeking expert advice from a mortgage broker

You can certainly do your own research and ask family and friends for advice, but only a mortgage broker with expert knowledge in the lending industry will be able to guide you with your home loan finances in your best interest.

Avoid these mistakes and book with ZEP Finance for a health check of your home loan.

Talk To An Refinancing Expert

Refinance Home Loans: Frequently Asked Questions (FAQs)

Reviews for ZEP Finance

  • Second to none

    Over many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.

    Second to none
    NL Daley
    New Purch

  • Second to none

    Over many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.

    Second to none
    NL Daley
    New Purch

  • Second to none

    Over many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.

    Second to none
    NL Daley
    New Purch
ZEP Finance - Mortgage Broker Lennox Head
ZEP Finance - Mortgage Broker Lennox Head
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Sorayah ZazuriSorayah Zazuri
04:08 14 Nov 23
Zain, Emma and the whole team at ZEP finance have done an amazing job. They successfully navigated us through our construction loan, and then onto refinancing to get us a better home loan with a reduced interest rate. We’ll done guys! You have taken a huge weight off of our shoulders. We look forward to dealing with your amazing, local, Lennox Head, family run business for any new mortgage needs!
Greg PowellGreg Powell
21:29 07 Nov 23
Zain and his team are friendly, efficient and professional. We have used ZEP’s services on a few occasions and I can not speak highly enough of them. They are patient and understanding and go above and beyond any expectations you may have. No hesitation in giving 5 stars plus…. Your emergency is their urgency. Fast and easy.
Shannon SayeShannon Saye
23:26 31 Oct 23
Highly recommend using ZEP Finance they made the process of getting finance easy and completed the process quickly and efficiently.
Charlotte MonlunCharlotte Monlun
03:34 10 Oct 23
Zain and the team at ZEP Finance came recommended when we started looking at buying near Lennox and needed financing. Zain was able to assist us in getting the best solution for our mortgage. The team was incredibly attentive, responsive with any queries we had along the way and professional. They made the process seem as seamless as can be considering the current lending context. A big thank you Zain, Trudy and Kelly for your expertise and support, we will certainly recommend your services.
Jamie HetheringtonJamie Hetherington
11:14 03 Oct 23
Couldn't be happier with the team at ZEP Finance. Can be quite overwhelming when making these life changes and they eased us through it all! Thank you so much
Sheridan VenessSheridan Veness
07:17 11 Sep 23
We just purchased our second home with Zain and his teams help and my goodness they are truly amazing ! They are quick and efficient and make the process stress free not to mention they are all so lovely and helpful with every need . Couldn’t recommend them enough!
Marnie SironenMarnie Sironen
06:45 01 Sep 23
Zain, Emma, Karina and the team were wonderful. They expertly navigated our complex situation, were endlessly patient and explained everything to us in plain English, which was really appreciated. Highly recommend.
SALT GYPSYSALT GYPSY
00:35 26 Aug 23
We were recommended Zep Finance by friends of ours. Zain, Emma and the team met and exceeded our expectations and we couldn’t recommend highly enough. This was our first home loan experience and their communication was always prompt and clearly explained which made the whole process as straightforward as possible for us. Thanks so much for your perseverance and dedication to finding a home loan solution for us guys, really appreciated!
Jade RogersJade Rogers
09:28 25 Aug 23
Brett WatsonBrett Watson
05:01 14 Aug 23
Kylie Harris from Zep helped me throughout the process and was amazing in my opinion, I have already recommended Zep to friends .
Micheal SimpsonMicheal Simpson
04:48 14 Aug 23
shelby milneshelby milne
05:33 10 Aug 23
ZEP finance was fast and efficient. The whole team are more than accommodating and very friendly! I would 100% recommend and be using them again in future.
Andro EngelbrechtAndro Engelbrecht
00:12 25 Jul 23
Fantastic service once again! We've used Zain and the team from ZEP Finance for our past mortgages and recently to extend our current home loan to get some renovations done. Zain and his team was excellent at communication and did everything in a timely manner. Highly recommend and will definitely use them again in the future.
Hong KHong K
13:03 05 Jul 23
Zep finance is truly amazing and will help you achieve the best result. As a first home buyer, I am not sure about the process but my broker Kylie and Karina have always been very helpful, always kept me informed throughout the process and went above and beyond to assist until it is all completed. It was an amazing experience I couldn’t have done it without ZEP Finance !!!
Louise HarrisLouise Harris
10:41 11 May 23
Zep finance seamlessly managed our recent refinancing and made the whole process so easy for us. The whole team are friendly, professional and very thorough. They were also amazing to deal with a few years ago when we were first home buyers navigating a construction loan. Highly recommend!
Thomas HarrisThomas Harris
04:30 10 May 23
Zain and the ZEP team helped us get our initial home loan in 2019 and have just assisted us with refinancing. Great team, happy to answer all questions and a smooth process. Would recommend to anyone, near and far - we work with team from Western Brisbane without any dramas!
Jean BarrJean Barr
10:40 19 Apr 23
Made it easy for me to get my house loan. The staff were all very professional and made the whole process much easier and smoother. I would never have been able to settle on my purchase so quickly had I not had the team behind me. Everything was clearly explained to me. They took the stress out of the whole process.
Pip CPip C
10:24 19 Apr 23
Zain and his team did a wonderful job securing me a home loan and helping me understand the steps involved. They communicated with all the necessary parties on my behalf and l couldn't have been happier with the work they did for me. I highly recommend ZEP finances. Many thanks Zain, Kylie, Lisa and all the team.From a happy first home owner!
Louise O'ConnellLouise O'Connell
08:32 30 Mar 23
Zep Finance are world class! This was my 6th mortgage and by far the best advice and all round service I've ever experienced. Kylie went above and beyond to find me the best deal, with Trudy, Emma, Jasmine and Caitlin keeping me informed along the way. Thanks ZEP! I really appreciate the great loan you negotiated.Highly recommend this team!
Demi KroehnertDemi Kroehnert
01:23 28 Jan 23
Amazing experience for first home purchaseZEP Finance we’re excellent in making our fist home buying experience simple. Our broker, Joel, provided an awesome experience when purchasing our very first home and wer were able to purchase the home of our dreams. Throughout the whole process, Joel always communicated with us clearly and answered any questions we had, making sure we understood. Thank you to Joel and ZEP finance for providing us with a great experience and we will be sure to return when we need a broker in the future.
Brad NewbyBrad Newby
22:20 27 Dec 22
The team at ZEP Finance were very professional throughout the whole loan process and provided us with several options that suited our circumstances. Not living local was not an issue for them and the communication provided from the ZEP team was amazing. If you are looking for a service which is tailored to your specific needs we highly recommend reaching out to Zain and his team. Thanks for helping us achieve another milestone in our lives.
Sophie and Steve MyburghSophie and Steve Myburgh
05:17 16 Dec 22
So grateful for Zep Finance.There are few words that can explain our gratitute to Zain and Joel.The brokerage service was excellent from beginning to end in assisting us to secure our very first home.Zain and Joel made us feel valued and informed each and every step of the way on our journey to owning our own home.We can't thank them enough for their exceptional, meticulous, professional and efficent assistance and support.If you are looking for a broker, we can absolutely recommend Zep Finance and will continue to use their services in the future!From the Myburghs.
Abbey McBurneyAbbey McBurney
23:37 20 Oct 22
Third time - Still Amazing ServiceThis was our third time working with ZEP Finance. The whole team supported us through a very difficult process negotiating with our previous lender following the February/March floods. We would have been lost without their support.They then switched gears and sprung into action to get us locked and loaded to buy a new, flood free home.Joel helped us obtain pre-approval with our preferred lender and the whole process from exploring options to pre approval to settlement was seamless and stress free.Zain has built a quality and caring team, whose attention to detail and customer service is hands down second to none.I have always, and will continue to recommend ZEP to anyone looking into finance options.
The Image CollectiveThe Image Collective
05:22 04 Oct 22
Highly recommend the entire team at ZEP to anyone needing finance information or services. The results were nothing short of amazing. This experience for me has restored my reservations about loans/finance with their professionalism and knowledge. I understood everything that was explained, was given options and felt so empowered to leave my long term bank.I have since referred family and friends to see them and hope anyone reading this gives them a go. Trust me, you won't be disappointed. THANK YOU ZEP!!!
Nat DaleyNat Daley
00:18 02 Aug 22
Second to noneOver many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.
Wan BradridgeWan Bradridge
10:06 11 Jul 22
Amazing service! Zain, Kylie and the team went above and beyond for us. They made the process so easy. They did all the hard part for us, we didn’t even have to lift a finger! Always keeping us up to date with the progress of the loan application, very professional and friendly. We would recommend the team to anyone! Thank you guys! Craig and Wan
J CJ C
10:03 11 Jul 22
I couldn't have asked for better service! Zain, Jasmine, Emma and the entire team at ZEP worked around the clock to find the best possible loan for my situation.If you're looking for a professional, timely, considerate and understanding broker, ZEP is my recommendation. Jasmine always replied to my requests quickly and efficiently and Zain worked tiressly to find the product just for me.
Sally CookSally Cook
10:02 17 May 22
PROFESSIONALSERVICE AND GREAT COMMUNICATION !!Zain, Joel and his team were extremely helpful, responsive and gave us excellent advice throughout the process of obtaining our loan and securing a home in this difficult property market. Their service was sincere and supportive and we would highly recommend to anyone to use their services. We will most definitely reach out to them once again for any further loan applications. These guys made it all happen !!! THANKS HEAPS
Helen WoodburnHelen Woodburn
00:55 15 Jan 22
Buying and selling property can be stressful so having someone assist us with our financing towards the selling and buying of a property was very important to us. Zain at ZEP Finance came highly recommended. Both Zain and his team did an incredible, efficient and professional job from start to finish. Zain's knowledge and experience is exceptional which instilled our confidence and trust. The team's communication was outstanding and their timely and prompt attention to detail provided comfort and peace of mind throughout the process. This meant we could focus on other necessities associated with moving house as well as saving us a heap of time. We would highly recommend Zain and ZEP Finance to anyone requiring a mortgage broker.
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