how to Re-finance?

Re-financing is simply replacing an existing secured loan with a new more favorable loan which includes the creation of a “draw down” facility which you can access as and when you require the funds.

There are 3 main ways to re- finance as defined below:

To borrow up to 90% of your property value.
This lets you maximize the loan amount but mortgage insurance is payable.
To borrow up to 80% of your property value
A mortgage insurance is not payable.
To refinance existing mortgage with no added equity or line of credit facility.
Select a loan that is more appropriately suited to your current financial and personal position.

Example one: Re-financing 90% of your property value.

	Property Value	$400,000
	Current Mortgage	$200,000

The property is re-financed to the maximum 90%, which equates to $360,000. The mortgage of $200,000 is replaced leaving available funds of $160,000 that you can use at any time to pay off debts, renovate, invest or spend at your will. Suitable for people who wish to unlock the maximum amount of equity in there property. However, mortgage insurance is payable on this loan which is a “one off” cost at the time of settlement.

Example two: Re-financing 80% of your property value.

	Property Value	$400,000
	Current Mortgage	$200,000

The property is re-financed to 80% of the property value, which equates to $320,000. The mortgage of $200,000 is replaced leaving available funds of $120,000 that you can use at any time to pay off debts, renovate, invest or spend at your will. Suitable for people who wish to unlock there equity but don’t need the maximum amount and wish to keep costs to a minimum. Great for debt consolidation packages. Mortgage insurance is not payable on this loan as mortgage insurance is payable on all loans above 80% LVR

Example three: Re-financing your current mortgage

	Property Value	$400,000
	Current Mortgage	$200,000

The property is re-financed to the current mortgage value, which equates to $200,000. The current mortgage of $200,000 is replaced with a new more suitable mortgage to the same value of $200,000. There is no line of credit facility with this loan. Suitable for people who wish to pay off there loan quickly or to minimize there monthly repayments. Mortgage insurance is not payable on this loan.

To make a free, no-obligation loan enquiry, choose below either
"Quick Loan Enquiry" or “Full Loan Analysis”.
A Coopers Home Loans mortgage consultant will then be in contact with you to discuss your loan needs and requirements.