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Stop worrying about what interest rate to choose, how long to refix for, and when this must all be done. Instead, read on to learn how a mortgage advisor, particularly one from Jin Mortgage, can assist you when your home loan needs to be refixed.
What is a refix?
When you signed the paperwork for your mortgage, you agreed to a fixed rate, which is an interest rate that is predetermined for your mortgage for a given amount of time. It’s possible that you divided your mortgage among several different interest rates and terms. When this particular time period is ended, you will need to finish the refix process, in which you select a new interest rate for a new time frame. This is known as the “refix process” or “refixing your mortgage.”
How can we refix our home loan?
A Mortgage Advisor from Jin Mortgage will contact you roughly 90 days before your fixed-rate expiry to let you know that your fixed interest rate is due to expire – we cannot speak to what other Mortgage Advisors or Banks will do around the expiry of your fixed rate.
At Jin Mortgage we will contact you again when you can start the process to lock in a new fixed rate for you – this varies from bank to bank. From here the process is quite simple because most banks are now offering you new interest rates from your online banking. At Jin Mortgage, we will organise a meeting or phone call at a time that suits you and look at the offering from the bank and which one works best for your scenario.
How can you make sure that your new fixed-rate and home loan works for you?
- When your fixed-rate comes up for review it is a great time to check to see if your home loan is working for you. You can do this, by making sure that you have thought about any changes in your circumstances that will impact your goals. It is important to let your Mortgage Advisor know as they might need to reassess any previous advice that they have provided you. Some examples of changes in circumstances might be: a change in income, a change in the family situation, or a change in your financial goals, for example:
- Purchasing a new home or investment property
- Selling a property
- Making a lump sum payment on your home loan or adjusting your home loan repayments.
- If you are thinking of doing any of the above, or your circumstances have changed in any way that might impact your home loan goals, then at the time of refixing your loan is a good time to perhaps make changes to your home loan so that you make sure that it works for you.
How does my Mortgage Advisor help me refix my home loan?
A Mortgage Advisor will let you know when your interest rate is up for renewal, this allows you to get ahead and perhaps lock in some rates before the actual date. With interest rates rising this is a good idea, to get ahead and lock in rates sooner rather than later. Your Mortgage Advisor will also be able to give you any advice that relates to your circumstances mentioned above. All banks process their prefixes differently so when it gets down to the paperwork involved that will be different depending on the bank you are with, which makes having a Mortgage Advisor even more valuable as they will be able to instruct you on your bank’s process and help you out along the way.
Does this service come at a cost to me?
As with most Mortgage Advisor services this one is free – here at Jin Mortgage we will help you refix your home loan at no cost to you, most banks will pay the Mortgage Advisor a refix fee which on average is $150.
We at jin Mortgages can assist you with buying your first house, moving up or down the property ladder, managing your property portfolio, or refixing your mortgage.