Updated: Aug 4, 2021
Refinancing does not have to involve finding and moving to a new lender. You can refinance with your current lender and save on refinancing costs and time.
Benefits of Staying with the Same Lender
By keeping your home loan with your current lender and merely switching products or asking for a lower rate, you can enjoy important advantages.
If you are refinancing solely to enjoy a lower interest rate and lower your mortgage repayments, staying with your current lender makes it possible to enact a quick, simple rate change. Your lender can apply a discount rate.
Even if you are interested in a different home loan product, for example if you want to refinance to a fixed rate mortgage or a line of credit home loan, you can save on discharge and settlement fees by staying with your existing lender.
In some cases, your mortgage broker may be able to negotiate a better rate or home loan deal because the lender may want to keep you as their customer. Your mortgage broker will negotiate on your behalf with the lender. They will do this with their knowledge of the mortgage market across a range of lenders and your personal and financial circumstances.
Speak to your mortgage broker today about your lender.
The Newstead Group Team