PROCESS OF REFINANCING
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Re-financing is the process of taking out a new loan to repay an existing loan.
There are many different scenarios that might cause a change in your personal or financial situation that might trigger an investigation into looking for better financial options, such as:
- Simply looking for a better deal on your home loan.
- Consolidate a few loans into one easy-to-manage loan
- Increase borrowings for another purchase
- “Splitting” from a partner
- Increase your home loan to pay for renovations or a holiday
Whatever the reason, many people find that during the course of their loan journey, at some point, changes to their financial situation are required.
Loan Processes Today
These days, many people go online to search for good deals in finance; however, what is really hard to determine from all the online sites is whether you qualify for a new finance facility with a particular bank or lender.
With so many changes in the economy, a person who qualified for a loan 12 months ago may not qualify for the same loan today!
Because there are so many variables, no “one” bank or lender has all the answers or can approve all applications. Every bank or lender has different lending criteria, and you will need to fit within these criteria before an approval can be issued.
Personalized Solution
We believe in the power of personalized solutions.
No two financial journeys are the same, and our approach reflects this understanding.
Our team works closely with you to tailor solutions that address your unique needs and challenges.
Preparation is the key !
Many people make the mistake of approaching the bank they already have a loan with and “expecting” that the bank will automatically approve them for a new loan.
This is not always the case.
We speak to many people each week who went to “their” bank first and were “knocked back” for finance.
There are many reasons why this can happen, so how can you find out before you apply to a bank or lender if you qualify?
There is only one way: speak with a financial advisor first.
A good finance advisor (or broker) can steer you through the mine field and help you organize a successful finance application.
Most of the time, banks and lenders pay the advisor or broker, so you don’t have to pay for their services.
That’s why over 70% of home loans are now lodged through banks and lenders with the guidance of an advisor or finance broker.
There are also different categories for finance (click on the tabs at the top of this page for more information) So, how do you get over all the hurdles and get the financial approval you want and need?
There is an “EZ” way!
“RE-Finance My Loan” has partnered with EZ Finance, a top finance brokerage firm.
EZ Finance has over 120 banks, non-banks, and private lenders from which to compare and find the right solution for your individual circumstances.
The staff at EZ Finance know which banks or Lenders will lend money to which people, as they have access to a variety of credit reports and the lending institution’s lending policies and guidelines.
How useful is it to have someone on your side with all the “inside information”?