Refinancing

Refinancing a loan can potentially save you money by securing a lower interest rate, reducing monthly payments, or accessing additional funds for financial goals.

Rated 5 from 23 Reviews

Request a Call Back

Wanting to save on your Home or Investment Loan?

Mortgage refinancing is your gateway to a more manageable financial future. It involves replacing your existing mortgage with a new loan, either from your current lender or a new one. The primary objective of refinancing is to secure lower interest rates, reduce your monthly payments, modify loan terms, or access the equity in your home. The refinancing process can be intricate, but at Total Loans Mortgage Brokers in Port Hedland, we're here to provide invaluable support every step of the way.

Why Refinance Your Home Loan?

Refinancing your home loan can deliver numerous advantages:

  • Lower Monthly Payments: Refinancing to a lower interest rate can potentially save you thousands of dollars over the life of your loan through reduced monthly payments.
  • Access to Equity: If you've built up equity in your home, refinancing allows you to unlock this capital for home improvements, debt consolidation, or even investing in another property.
  • Better Interest Rate: If interest rates have dropped since you took out your original mortgage, refinancing can help you benefit from lower rates, potentially reducing your monthly payments or paying down the debt faster.
  • Enhanced Flexibility: Refinancing gives you the freedom to choose a loan product that aligns better with your current financial situation and goals.

Is Refinancing Right for You?

While refinancing offers numerous advantages, it's essential to understand potential drawbacks. Benefits include lower interest rates, improved loan terms, and access to cash. Disadvantages can encompass upfront fees, closing costs, potential credit score impact, and extended loan terms that might lead to higher overall interest payments. At Total Loans Mortgage Brokers in Port Hedland, we can help you evaluate the pros and cons of refinancing to determine if it aligns with your goals.

Common Misconceptions About Refinancing

Misconceptions often revolve around believing you must refinance with your current lender or assuming only individuals with impeccable credit can refinance. We can dispel these myths, provide clarity on the refinancing process and answer all your questions.

How much could you save?

Get an estimate of your savings in less than 60 seconds

Check your Loan Health
Picture for Total Loans

How We Can Assist You

Enlisting a Mortgage Broker makes finding the right loan product easier. We negotiate improved rates and terms, help you understand refinancing costs, and ensure you avoid potential pitfalls, all while helping you make informed decisions regarding your home loan.

Our team at Total Loans Mortgage Brokers in Port Hedland has years of experience helping Western Australian clients find the ideal refinancing solution tailored to their unique requirements. We work closely with you to:

  • Review your existing mortgage and financial situation.
  • Identify your objectives and priorities.
  • Explore the most suitable refinancing options for your individual needs.
  • Keep you informed about special offers from lenders, including cashback incentives.
  • Guide you through the entire refinancing process, from inception to completion, including liaising with your current lender for a seamless transition.
Book Appointment
[Placeholder Text]
Highly recommend Russell to anyone looking to get a loan. He makes the process easy and stress free, always keeps you notified and up to date and I haven't had a problem at all with the two loans I've gotten through him over the last few years. Also he has chocolate.

Troy S, Busselton

JC

James Curry

Russell @ Total Loans has been fantastic in sharing his knowledge and expertise, backed by great organisation and communication with plenty of financial options and considerations. Appreciate having someone local to the Pilbara of his calibre. Will be rec

MB

Mitch Brealey

Russell from Total Loans has been fantastic to work with. He’s always eager to help, answer any questions I had along the way & makes sure to get the best deal from his suite of lenders. Cannot recommend him highly enough, if you’re looking for a broker s

Md

Maximiliano de Souza Corrêa

Had the pleasure to use Total Loans services for the purchase of our first home. Russell and the team were amazing. Presented many options of lenders and government schemes available so we could make an informed decision. Good communication throughout the

Frequently Asked Questions

How does Total Loans ensure a professional service?

As a Licensed Finance Brokerage, with our own Australian Credit License Number: 388425. We are required to always operate with a strict code of ethics and act with honesty and integrity, comply with all the laws and regulations relating to the Mortgage Industry and maintain confidentiality in all dealings. Total Loans has membership of several major industry and governing bodies to ensure that staff keep up to date with industry standards and changes. These include: Australian Finance Group, Australia's largest mortgage wholesaler (AFG) 
Mortgage and Finance Association of Australia (MFAA) 
Australian Financial Complaints Authority (AFCA)

How much can I borrow?

Your borrowing capacity can vary with each Lender. All lenders have their individual serviceability calculators to assess how much you can borrow with them. At Total Loans we have access to most lenders calculators and can provide you with information on how much you can borrow with each lender. Some of the factors that lenders consider when assessing how much you can borrow include length of employment, deposit, guarantors, suitable security, previous repayment history, current debts ie personal loans, credit card/store cards.

Why don't I just go directly to my bank?

Mortgage brokers are often able to offer better rates by negotiating with multiple lenders, while banks only present their own offers. We provide a detailed comparison report so that you can compare the features, rates and fees of the products of various lenders, without going to each bank directly, saving you time and money. We also have access to promotions through the broker network, such as discounted, application fees and interest rates.

Can you help me if I have a poor credit file?

There are lenders who are willing to consider applicants with defaults or poor credit conduct. However, this greatly depends on the details listed on your credit file and the extent of your credit score. Before recommending a lender, it is advisable we check your credit report.

What does a Mortgage Broker Do?

A mortgage broker serves as a valuable intermediary between you, the borrower and the lenders. We have over 15 years in the finance industry and use our expertise and specialized software to secure competitive rates and facilitate a smooth mortgage settlement. At Total Loans, our mission is to safeguard your interests and expertly manage the entire mortgage process, so it is stress free and easy for you.

Do you charge any fees, or are there any hidden costs?

Not at all. Our service is free and transparent, with no hidden charges. When you receive a loan from us, it is the same as if you went directly to the lender. The lender pays us a commission, but it does not impact your home loan in any way.

Why do you need a Mortgage Broker to help you?

Did you know that over 70% of loans in Australia are submitted through a Mortgage Broker? Navigating the countless mortgage products on the market can be confusing and overwhelming. A Mortgage Broker plays a pivotal role in guiding borrowers through the maze of options, explaining product features, and aiding in selecting the ideal loan for you. Beyond purchase assistance, at Total Loans we provide ongoing support, ensuring you always have access to the best financing options available.

How long does it take to get finance approval?

All Lenders have different turnaround times. The Lender you choose will depend on your situation and the urgency of your loan requirements. We will determine the loan that is right for you during our strategy session.

Ready to get started?