refinance
- Thread starter artemis
- Start date
Hiya Artemis
To relieve some of the suspense, have a qucik chat with a broker to see if your current income still works to service a deal.
10 minute phone chat, and your questions and concerns may be satisfied
ta
rolf
To relieve some of the suspense, have a qucik chat with a broker to see if your current income still works to service a deal.
10 minute phone chat, and your questions and concerns may be satisfied
ta
rolf
the good thing about that is if u are a girl with blonde hair, its hard to notice,but if you are a balding guy with black hair its rather obvious 
ta
rolf
ta
rolf
how hard is it to refinance?
my income has dropped substantially since i bought the house and i'm not sure if banks will refinance my loan.
on the plus side, i do pay close to an extra $100 per fortnight. would that help?
i don't want to go through the entire process and get rejected
I guess you would need to look at the cost V savings and the reasonings for refinancing first. Then have your figures run through a couple of servicing calculators if better alternatives exist.
Regards
Steve
artemis
It might not be as hard as you think because although your income has dropped
the interest rates are lower than before.
If you don't want to discuss personal details with a broker
you can call any bank and they'll tell you how much you can borrow over the phone.
You can also use an online calculator
follow the link below and scroll down to the home loans section
http://www.stgeorge.com.au/calculators/
If you don't want to use a broker, the next best thing is your local bank's branch manager. I haven't dealt with 1 myself but I'm told that they have the power to approve loans up to a certain amount.
It might not be as hard as you think because although your income has dropped
the interest rates are lower than before.
If you don't want to discuss personal details with a broker
you can call any bank and they'll tell you how much you can borrow over the phone.
You can also use an online calculator
follow the link below and scroll down to the home loans section
http://www.stgeorge.com.au/calculators/
If you don't want to use a broker, the next best thing is your local bank's branch manager. I haven't dealt with 1 myself but I'm told that they have the power to approve loans up to a certain amount.
how hard is it to refinance?
my income has dropped substantially since i bought the house and i'm not sure if banks will refinance my loan.
on the plus side, i do pay close to an extra $100 per fortnight. would that help?
i don't want to go through the entire process and get rejected
Hi artemis,
As I have no idea of your situation or loan product, here are a few suggestions.
1. If you established your loan in the last 12 months, ask the bank to change your loan to IO.
2. If Interest Rates have dropped since you took the loan out and you are on P&I, check to have your payments reduced.
3. If your equity has grown in the property, get the bank or Broker to assess your serviceability and determine whether by borrowing any extra money you may be eligable for a reduction in interest rate. (This idea depends on many things.) Who knows, you may be 10k off an extra discount.
Option 3 and your refinancing depends on your income, asset and liabilities.
As advised above, get a broker or your bank to work all of this out for you.
Good Luck and let us know how you go.
Regards JO
