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Refinance to reduce mortgage stress

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

A record number of Australians will suffer mortgage stress and will face difficulty in paying their mortgages this year with a percentage of those risking repossession of their homes. A refinance of your loan may be an option that will assist in relieving this stress. As a matter of course you should review your home loan terms and conditions each year to check that they are the most suitable for you and if not, a refinance could improve your cash flow.

Home loan stress or Mortgage s [...]

Common reasons why people refinance

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

People refinance by moving to another loan but on new terms. Mortgage refinancing is something which can also enable a borrower to borrow more money to consolidate debts or for other purposes taken that they can afford to meet the repayments on the larger loan amount.

Here are some of the common reasons why people refinance:

1. To save money

2. To refinance to a lower monthly repayment – this is done by refinancing your exiting loan at a lower rate which [...]

What is a refinance and what do I need to consider when thinking of a refinance?

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

A refinance is the process whereby you repay your existing home loan by taking out a new loan. When they refinance borrowers take out a new loan to completely pay out early and thus replace their existing/previous loan.

With home loans being the most significant financial commitment of a lifetime for a lot of people, and with home loans rates being on the move, a lot of borrowers start considering a refinance, especially if they are thinking that they are not getting the best mortgag [...]

SHOULD YOU REFINANCE YOUR LOAN?

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

As the global credit crisis continues to play havoc with interest rates in Australia many borrowers are scurrying for relief by seeking to refinance their home and investment loans.

However this refinance strategy does not always achieve its objective and borrowers can often be left in a worse position than that which was the status quo.

It is important that proper research be conducted before a refinance is initiated. Just as importantly borrowers must be absolutely cert [...]

Refinance � I took the plunge!

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

Recently, I embarked on a household budget plan. I began in the usual manner such as accounting for daily, weekly, monthly and to a lesser extent annual expenses and how I could save a ‘buck’ or two or even just trim costs by changing my payment methods. What amazed me the most about my strategic plan was that once I had listed what I thought were my main expense items, I had overlooked the most important expense of them all – my home loan! It was at this point that it dawned o [...]

When would I refinance my Mortgage?

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

Whenever it makes financial sense to do so.

Mortgage Refinancing? In the past, most people who took out a Mortgage continued with it until they had paid it off. These days, people refinance their Mortgage much more frequently. The average duration of a Home Loan in Australia now is just 4-5 years. Here we look at some of the reasons people in Australia refinance their Home Loan.

Mortgage Refinance Reasons: lower rate

The most common reason for people to refina [...]

Refinance � not always the right decision

Michelle Kour — Tue, 08 Apr 2008 00:00:00 +0100

Many borrowers in Australia are experiencing mortgage stress for the first time because of the increase in interest rates over the last 2 years. When rates are increasing borrowers often consider a refinance of their existing mortgage because they see lower rates advertised in the newspapers and on TV. The fact is that all lenders obtain funds form much the same sources and certainly the majority of these funds come from the global money markets. For this reason while some lenders may offer attr [...]

What to do if you are experiencing difficulty meeting your mortgage repayments

Rocco Reitano — Tue, 12 Feb 2008 00:00:00 +0100

Hundreds of thousands of Australians are bracing for more mortgage pain following the Reserve Bank’s decision to lift official interest rates by another .25% p.a. in February. Commonwealth Bank borrowers will experience the additional pain of a further .05% increase as the bank has alerted the market that it will be increasing its rates on standard loans by .30 as opposed to simply passing on the .25% Reserve Bank increase.

Most analysts are tipping another hike of 25 basis poi [...]

Should I Refinance My Mortgage?

Kim Jennings — Tue, 12 Feb 2008 00:00:00 +0100

Refinancing your mortgage can be a very daunting experience. Am I doing the right thing? Will I recoup the costs involved in the refinance? Am I better off with a lower rate or lower fees? Will the financial institution I refinance with be accommodating and provide ongoing support? These are all questions you need to ask when thinking about a refinance.

The most common reason to refinance a home loan is mortgage rates, however you need to be cautious if this is the sole reason you are [...]

Refinance

Mark Bonaventura — Mon, 11 Feb 2008 00:00:00 +0100

To refinance or not to refinance – that is the question. In the current upward interest rate cycle it is natural that home loan borrowers may seek relief from the cash flow pressures caused by increased mortgage repayments. Whether or not relief can be obtained by refinancing their loan with a different lender needs to be carefully analysed and evaluated as any benefits gained can be swiftly eroded by the associated costs.

So what factors do we need to consider to determine the [...]

Why Refinance?

Vicky Edema — Sun, 03 Feb 2008 00:00:00 +0100

Should I finance in the current interest rate environment?

The number of borrowers looking to refinance their home loans has increased over the past six months because of the uncertainty of interest rates in Australia. Currently the Reserve Banks' Official Cash Rate (OCR) is at an 11 year high. Interest rates have increased in Australia for both international and national reasons, and all Australian lenders and borrowers have been effected.

On the international front [...]

To Refinance or Not to Refinance �That is the question

Vicky Edema — Mon, 21 Jan 2008 00:00:00 +0100

There is supposedly a lot of refinancing of home loans going on at the moment mainly prompted by early media reports on the claims by banks that they were some how unaffected by rising interest rates resulting from the credit squeeze in the US.

The banks’ initial claims that they had little if any exposure to the problems in the US resulted in borrowers perceiving them to be a safer bet on interest rates than the non-bank mortgage managers.

As a result many [...]

Mortgage Rates Stress

Vicky Edema — Tue, 08 Jan 2008 00:00:00 +0100

The number of households suffering "mortgage rates stress" may double within six to 12 months - sending tens of thousands bankrupt – as all lenders are forced to increase mortgage rates in response to the global credit crisis.

Mortgage rates are predicted to jump by as much as 1 percentage point on some loans and up to 20 basis points on most standard mortgages.

This is on top of any movements by the Reserve Bank of Australia, which again will have a flow [...]