There is nothing more satisfying to us than putting the best possible mortgage in place for you. However, life brings changes and there are times you will have to reassess your situation.
Buying Again
Moving house can be stressful but we can take your mortgage off the list of things to worry about. Come speak to us if you want to purchase your second home, upsize or downsize. We will look at your financial situation, show you options and guide you through the process. We’ve also got you covered, literally, on the insurance front. We’ll sort your mortgage AND help protect it.
Starting a Family
What an exciting stage of life! You might need a bigger house so give our team a call to ensure that your finances are in order and that your mortgage repayments remain affordable to you.
Refinancing Your Existing Mortgage
If you are not happy that your existing loan is your best option, we can help you refinance, save money and pay your mortgage off faster. Our team is dedicated to finding you the loan structure that best suits your needs.
The smallest changes in interest rates could mean major savings for you. You could be saving thousands of dollars in interest payments and taking years off your mortgage. Come talk to us. We can often negotiate better interest rates for you.
The lowdown on break fees
Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what’s called a “Break Fee”. This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.
Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee.
Can I break out of a fixed interest loan to take advantage of falling rates?
It might be possible to break out of a fixed loan before the term is up, but you’re likely to be charged a break fee for doing so. This is because the bank is incurring a loss by you breaking the term early. This loss is passed on to you in the form of a break fee. There are some instances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.
What happens if I sell my house?
If you sell your house to buy a new one while still under a fixed term, you may be able to transfer the existing loan and rate to the new property. If you’re repaying your loan once you’ve sold, you may have to pay break fees. Before you sign anything, get in touch with one of our team to chat through your options.
How can I avoid paying break fees?
The only way to be certain you won’t have to pay break fees is to make sure you don’t break your fixed term early. So before you fix for any period of time, ask yourself if you’re planning on selling in that timeframe, and also to what extent you will feel regret if interest rates were to drop and you were stuck on a higher rate? There are ways to set up your mortgage to take advantage of the certainty of fixed terms but also retaining the flexibility of floating rates. Talk to one of our advisers to help get the perfect mortgage structure for your situation.