Unlock the Potential of Your Home with Refinancing
With refinancing, you might:
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Get a lower interest rate and reduce monthly repayments.
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Use home’s equity to invest in property or renovate your home.
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Combine high-interest debts (like credit cards or personal loans) into your home loan, reduce overall interest costs and simplify your finances with just one monthly repayment.
What is Refinancing & Why Refinance?
Refinancing is the process of replacing your current home loan with a new one, typically with better terms. It involves taking out a new loan to pay off your existing mortgage and can provide several financial advantages based on your specific needs.
Here’s why refinancing might be the right move for you:
Lower Interest Rates
If interest rates have dropped since you first took out your loan, refinancing could help you secure a lower rate. This means reduced monthly repayments and saving thousands over the life of your loan.
Debt Consolidation
Refinancing gives you the opportunity to combine high-interest debts (like credit cards or personal loans) into your mortgage. By doing this, you can reduce your overall interest costs and simplify your finances with just one monthly payment.
Accessing Equity
If your property has increased in value, refinancing allows you to access your home’s equity. This extra capital can be used to fund renovations, invest in property, or finance other major life expenses.
Improved Loan Features
By refinancing, you can upgrade to a loan with more flexible features, such as an offset account, redraw facility, or more favourable repayment terms that suit your financial situation.
Case Studies
Lower Rates, Big Savings
Jenny had a $500,000 home loan at a 4.2% interest rate. After speaking with us, she refinanced her loan to a new rate of 3.5%.
Before Refinancing:
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Loan amount: $500,000
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Interest rate: 4.2%
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Monthly repayments: $2,446
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Total interest paid over 30 years: $380,696
After Refinancing:
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Interest rate: 3.5%
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Monthly repayments: $2,245
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Total interest paid over 30 years: $308,994
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Jenny’s Savings:
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Monthly savings: $201
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Total savings over the loan term: $71,702
By refinancing, Jenny is now saving $201 per month, and over the life of her loan, she will save over $70,000 in interest payments.
Accessing Equity for Investment
Mark had paid off a substantial portion of his home loan and built up $250,000 in equity. After working with us, he refinanced his home loan to access $150,000 of that equity to purchase an investment property worth $600,000.
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Mark’s Equity Withdrawal:
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Property value: $750,000
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Equity in home: $250,000
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Equity accessed: $150,000 (used as a deposit for an investment property)
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Investment property value: $600,000
By refinancing and leveraging his home’s equity, Mark was able to purchase an investment property. Although the rental income from this new property is primarily used to cover the second mortgage, Mark understands that his investment has the potential to increase in value over time.
Debt Consolidation Success: Sarah's Financial Transformation
Sarah was juggling multiple high-interest debts, including:
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$15,000 in credit card debt at 18% interest
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$10,000 personal loan at 12% interest
Her monthly repayments on these debts totaled $950, with significant interest costs. After refinancing, she consolidated her credit card and personal loan into her mortgage, significantly reducing her repayments.
Before Refinancing:
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Total debt: $25,000
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Monthly repayments: $950
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Total interest on debts: Over $7,500 in interest over 5 years
After Refinancing:
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New interest rate (mortgage): 3.5%
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New monthly repayments (including debt consolidation): $116
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Sarah’s Savings:
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Monthly savings: $834
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Total savings on interest: Over $6,000 in interest
By consolidating her debts into her home loan, Sarah reduced her monthly repayments from $950 to $116, saving $834 each month and over $6,000 in interest costs.
Ready to See How Much You Can Save or Invest
Whether you're looking to refinance for a better rate, access equity for an investment, or consolidate debt, we're here to help you achieve your financial goals. Book a free, no-obligation consultation today and let us guide you through the process.
What Our Clients Are Saying
“Working with Liem and his team made buying our first home so much easier. They were always available to answer our questions and guided us through the entire process!”
H.P
“We didn’t know where to begin, but LNG Mortgage Solutions helped us from day one. Their expertise in first-home grants saved us thousands!”
H.M
“Thank you for all the support, Liem. I will be surely getting back in the future needs!”
L.M
Our Refinancing Process
Frequently asked questions
Why Choose Us?
Expertise You Can Trust
With years of experience in mortgage broking, we know how to secure the best deals for our clients.
Personalized Serivce
We take the time to understand your unique financial situation and goals, so we can tailor a solution that fits you.
No Cost to You
Our services is completely free of charge. We work for you, not the banks, and ensure you get the best possible outcome.
Contact Us
Liem Ngo - LNG Mortgage Solutions
Phone: 0415 455 009
Email: liem.ngo@lngmortgagesolutions.com
Website: www.lngmortgagesolutions.com.au
