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Macquarie Bank Push Refinancing Option
Macquarie Bank
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Is there a chance you be paying less each month for your mortgage? Maybe its time for you to look at refinancing your home loan.
Refinancing involves switching your home loan to another lender to take advantage of better interest rates or features that may help to improve your financial situation.
Macquarie Bank offer a refinancing service as part of their Macquarie Mortgages suite of products. They encourage homeowners to refinance their loans for a number of reasons to get a better home loan, to make home improvements, debt consolidation, tax benefits and releasing home equity in order to make investments.
If you need features that you don't currently have access to, refinancing could help. These features can include an offset account, access to your funds, a lower interest rate, interest only options and the low doc or no doc options available to self-employed borrowers through some lenders.
When considering making the move to refinance through Macquarie or any other lender, first look at any restrictions your current loan may have. Many loans have break clauses and exit fees for leaving that loan before the agreed term, so find out what refinancing will cost you so you can work out whether there will be a long term benefit.
Macquarie Mortgages can help you make moving your loan from another lender easy and convenient, states the Macquarie website. In some cases your existing lender may charge a percentage of what is left on your current home loan to switch lenders, so speak with your financial broker to find out whether this fee would be outweighed by the money you could save by switching lenders.
Check the restrictions of any loan before refinancing with any particular lender. Even Macquarie, who encourage refinancing on principal, but would obviously only advise choosing them as an alternative to your current lender, apply exit fees to their products. If you wish to switch your Mortgage Saver home loan from Macquarie to another lender, for example, you will be charged an early termination fee of $2000 in the first two years, $1000 for the third year and $500 in the fourth year.
Speak to your financial broker and shop around at a number of different lenders to find out the effect that refinancing could have on your finances.
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