What is Refinancing and how can it help your family?

Bree Jones • Jan 25, 2023

You would have heard many people talking about refinancing lately. 


So in this blog, we will share what it is and how it can help your family. 


What is refinancing?


Refinancing is like having a new loan to pay off your old one. 


The most common reason for looking at refinancing is to help reduce the amount of money you are paying on your mortgage repayments.


What are the benefits?


Refinancing your mortgage can have the following benefits;


  • Obtain a lower interest rate
  • Less monthly mortgage repayments and shorter life of the loan
  • Change from a variable to a fixed rate
  • Release equity to help you with other expenses


How do you refinance? 


To refinance your mortgage, you need to apply for a new loan. This is where we at Future Finance Group come in!


With us as your mortgage broker, the process is seamless for you; we help identify the best options on the market and ensure they are the right fit for you and your family. 


We will also look at the pros and cons, what fees are involved, how long you plan to stay in the property to be able to recoup the costs. We will always make sure that it makes financial sense for you now and your plans for the future. 


FFG Team members Bianca and Amba


We like to help our FFG clients throughout their financial journey, from being first-home buyers to investors, to reach their financial destination.


For this reason, we like to keep in touch, and our incredible team members Bianca and Amba always check in one year after your settlement to see how you are going and if there is a better option for you.


Bianca says in the video below that a lot can change in a year, both in the financial landscape and within your family! 


If we can save you money, ease financial stress or help you to reach a new financial goal through refinancing, you bet we will be there to hold your hand along the way.


Here is more about what Bianca does and how she reaches out to our clients to ensure they receive the most up-to-date information and have the best opportunity for financial ease. 



Watch the video of Bianca below;


Here



In Summary


In summary, refinancing can be an excellent choice for your family, and We help you make the best decision and look after your financial goals.


In summary, refinancing can be a powerful tool to reduce your payments, lower your interest rate and loan term, or release equity.


We will help to ensure it is the right move for you and your family and help you to get closer to your financial goals. 


If you are almost into one year or have your loan, you will hear from Bianca and Amba soon, and if you would like to book an appointment with us, please call us on 03) 8657 8664.


Also, we invite you to take advantage of our free resources, head to our website with loads of eBooks, blogs and information for you to enjoy! 

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Navigating the World of Mortgages: What borrowing capability do you have?

01 Aug, 2023
Navigating the World of Mortgages: What borrowing capability do you have? Deciding to buy a house is an exciting milestone, and we're here to accompany you through the intricate world of mortgages. With the changes to interest rates that have happened over the last twelve months, it's essential that we are prepared and approach borrowing with a healthy attitude, as your choices now will have long-lasting implications, so let's ensure you're well-prepared for this homeowner journey. What should I consider when considering my borrowing limits? First, let's figure out how much you can borrow without sacrificing your peace of mind and daily joys. The key here is to measure your income against your expenses, including the potential mortgage repayments. A general rule of thumb: try to keep your mortgage repayments to no more than 35% of your gross monthly income. When it comes to borrowing generally, the higher your deposit and the higher your income, the more they should be willing to lend. The good news is we have more flexibility as mortgage brokers than the big banks, so we can look at your circumstances closer. Now, let's discuss some essential factors to consider when figuring out your borrowing limits. How much debt can you handle? Think about your lifestyle and what you're willing to give up versus what's non-negotiable. Be realistic about your dream home. Start with something affordable and gradually work your way up as your earnings grow and your equity increases. Think about the future. Are you planning to start a family, change jobs, or experience significant life changes? Factor those possibilities into your calculations. Keep an eye on interest rates and consider how further rises might affect your ability to make repayments. Reminder; A reminder that when purchasing a property, you will also need to factor in further expenses, such as, pay stamp duty, pest & building inspections, conveyancer fees, application fees, council rates, possible strata or body corporate costs, and utility bills to factor in. In Summary We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation to help you whether you are purchasing your first home or refinancing. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/

Refinancing: What Are Your Options As A Homeowner?

By Bree Jones • 19 Jun, 2023
At Future Finance Group, we understand that financial hardship has become a pressing concern for many homeowners across the country, including Melbourne. We want to help you explore the benefits of refinancing your mortgage. By assessing the right time to refinance and understanding the steps involved, we can guide you to potentially save money, access improved loan terms, and secure a more favourable financial future. What are the Benefits of Refinancing? During these challenging times, refinancing your mortgage can bring meaningful advantages. Firstly, it may allow you to take advantage of lower interest rates, reducing your monthly mortgage payments and offering much-needed relief. Additionally, refinancing allows switching from a variable-rate to a fixed-rate mortgage, ensuring stability and protection against future rate increases. By consolidating high-interest debts, you can streamline your finances and gain more control over your monthly obligations. Also, refinancing can unlock equity in your home, providing funds for essential expenses or other financial goals. Assessing the Right Time to Refinance Working out when to refinance can be challenging, mainly because we do not know what the future will bring. We are here to look at your personalised options and work with you to ensure your financial security. We can consider many factors, such as your credit score, home equity, and employment stability, to give you informed options. Steps Involved in Refinancing and Potential Cost Savings : We are here from the beginning to the end and strive to simplify the refinancing process for you. We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation. Our ultimate goal is to help you secure better terms, rates, and long-term cost savings to ease the pressure on you and your family. In Summary In these challenging times, exploring refinancing options can provide much-needed relief and open up financial opportunities for you as a homeowner. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/
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