Refinancing of your home loan can provide you with lower interest rates and monthly repayments, and more flexibility. There is a range of refinancing based products to consider.

Low Doc Refinance

A low doc loan is best suited to the self-employed or people who for various reasons do not have access to current tax returns or pay slips to verify their income.  Without enough documentation to prove your income, getting a regular home loan from the banks can be difficult.  With a low doc loan, a simple declaration and other non-traditional evidence of income can be enough to get you that home loan.  A low doc refinance allows you to refinance your existing low doc home loan across to a full doc home loan or a low doc home loan at a different rate.  For the latest on refinance mortgage rates, complete an enquiry form

Bridging Loan

A bridging loan is intended for the difficult situation when you want to buy a new home, but are still trying to sell your current home. The maximum amount you can borrow is limited to 80% of the combined value of the two homes. The rates are generally higher for bridging loans than for standard loans, but when you have sold your current home and paid out that mortgage, you can then refinance with a loan at a better rate.

Construction Loan (Renovation Loan)

Unlike a standard loan, you do not have to start making repayments on a construction loan immediately. You only have to draw down funds as needed to make progress payments, thereby reducing your interest payments significantly.

Equity Loan or Line of Credit (LOC)

An equity loan or a line of credit enables you to borrow up to a maximum limit, either in a lump sum or in installments. This type of loan has the benefit of interest only being payable when you draw down on these amounts. Equity loans are very flexible, but the interest rate is often higher than for standard loans.

All-in-one Accounts

An all-in-one account enables you to consolidate your savings, cheque, credit card and mortgage accounts into just one account. This type of account means that your money is in a high-interest account that can be used to reduce your mortgage.

Bad Credit Mortgage Refinance

Refinancing a mortgage when you have an existing bad credit rating can often be difficult.  If you have an existing mortgage, you may be unnecessarily alerting your lender to your changed circumstances.  If you are looking to refinance an existing loan and have a bad credit history, it may be difficult or more expensive switching to another lender.  A Your Local Finance broker can review your circumstances and provide guidance on the best course of action.

Refinance 100% Home Loans

Asking a lender to refinance your property to 100% and even up to 110% can be a difficult thing to do.  Essentially you are asking to borrow more than what your property is currently worth, which is obviously more risky for the lender.  Having said that, there are some non-bank lenders who will look at a higher level finance on a case-by-case basis.  Your Local Finance can help you present your proposal in the best light.