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Refinance Home Loan Frequently Asked Questions

If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.

How often can you refinance a home loan?

Generally, there is no limit as to how often you can refinance a home loan. However, it is important to remember that each time you apply for a loan, you will need to meet the eligibility criteria of the lender.

Is refinancing the same as buying a house?

Refinancing and buying a house are different. Purchasing a home usually involves obtaining a traditional mortgage. Whereas refinancing usually involves applying for a new loan to pay off an existing loan. This is usually done to gain better terms than what the original mortgage agreement had.

Is refinancing considered a new loan?

Refinancing is considered to be a new loan that is often used to pay off an existing loan.

Can you refinance a personal loan into a mortgage?

Yes, you can consolidate debts like personal loans by refinancing your home loan. Debt consolidation can save you money in the long run, but there are risks and benefits involved with the process. So make sure to talk to the lender or a broker before you make any decisions.

Do I need a broker to refinance a mortgage?

You don’t need a broker to refinance a mortgage. However, a mortgage broker can be useful in:

  • Accessing a wide portfolio of lenders
  • Comparing options quickly to find the best fit for you
  • Helping breakdown complicated lending terminology
  • Negotiating on your behalf for the best rates and terms for you
  • Simplifying and fast-tracking the home loan process
  • Preparing and submitting a strong loan application

At Oceania Finance, our mortgage brokers are skilled in getting you the finance you want with the least amount of hassle. We evaluate your specific needs and lifestyle to get you a home loan tailored to you. Contact us today to find out how we can help you get a better deal on your finances.