Refinance Your Mortgage
Refinancing can help improve your loan structure, reduce interest costs, or access available equity.
We assess your existing facility and compare options across our lender network.
Refinance Your Mortgage
Refinancing your mortgage is a strategic financial decision that involves replacing your current home loan with a new one. It can help you take advantage of lower interest rates, access home equity, adjust loan terms, or consolidate existing debt — potentially saving you money both now and over time.
We provide credit assistance only — we do not offer financial or debt-management advice.
Refinance Your Mortgage Plans
- Lower Interest Rates and Reduced Monthly Payments.
- Accessing Home Equity.
- Changing Loan Terms.
Our Approach
Seamless
Refinancing Process
Our team will assist you with all the necessary paperwork, liaise with lenders on your behalf, and ensure a smooth closing process. Throughout the entire journey, we’ll keep you informed about the progress and any important updates, so you’re never left in the dark.
In-Depth
Mortgage Analysis
Personalized Refinancing Solutions
We’ll explore various mortgage products and loan terms to find the most suitable options for you. Whether you’re looking to lower your monthly payments, secure a fixed-rate mortgage, or access equity for other financial endeavors, we’ve got you covered.
Surveys show up to 45% of Aussies will look to refinancing in 2023.
2023 brings over 880 000 Australians fixed-rate loans to an end.
Our Lending Process
Discover
Understanding goals and requirements
Structure & Compare
Identifying suitable loan structures and lender options
Coordinate & Settle
Managing approval through to settlement
Compliance Statement
Ryte Finance provides credit assistance only. We do not provide financial, investment, or superannuation advice.
Frequently Asked Questions
What are the costs associated with mortgage refinancing?
Refinancing a mortgage incurs certain costs, including closing costs, loan origination fees, appraisal fees, and potentially other expenses. It’s important to consider these costs and calculate the breakeven point—the time it takes to recoup the costs through monthly savings. Understanding the costs involved and comparing them to the potential long-term savings is essential when deciding whether to refinance.
Why is paying only interest and no principle a bad thing?
While it might seem appealing at first, here are a few pitfalls of interest-only payments and ignoring the principle:
No Equity Growth: You won’t build home equity, a crucial aspect of financial stability.
Extended Debt Repayment: It prolongs your mortgage duration, leading to higher overall costs.
Vulnerability to Interest Rates: When the interest-only period ends, rising rates can result in higher payments. Limited
Refinancing Opportunities: Some lenders may be hesitant to refinance interest-only mortgages. Potential
Negative Equity: Falling property values could leave you owing more than your home’s worth.
Can I refinance if I have bad credit?
While having bad credit can make refinancing more challenging, it’s not impossible. Lenders consider various factors beyond credit scores, such as income, home equity, and overall financial stability. If your credit has improved since obtaining your original mortgage, you may still qualify for refinancing. Additionally, exploring alternative lending options or working with specialized lenders who cater to individuals with less-than-perfect credit can provide opportunities to refinance. Consulting with mortgage professionals or credit counselors can help assess your options based on your specific credit situation.