Refinance Loans Gold Coast

What’s a refinance home loan and how does it work? Where can one get refinance loans Gold Coast residents can benefit from greatly? When defined, refinancing is when you get a new loan with a better interest rate to replace your current mortgage. This can save you money and even help you pay off your home sooner. It’s a smart way to have more cash in hand and reduce your overall loan costs.

Refinance Loans Gold Coast Guide

Considering a refinance loan on the Gold Coast? You’re in good company! Many homeowners are tapping into their home’s equity and refinancing as a way to keep finances on an even keel in these trying times.

Got questions about refinancing on the Gold Coast? Wondering if it’s the right time? Want to know what benefits, or how much equity you have and can use in a refinance? Curious about how a refinance broker can assist you?

Don’t worry, Professional Lending Solutions has you covered. We’ve crafted a comprehensive guide for homeowners like you, packed with answers and expert advice on maximising your refinance benefits.

Is Now the Right Time for You to Refinance?

Inflation and interest rates are always in flux, and understanding their impact is crucial for homeowners. Since May 2022, there have been several changes to the cash rate, with the most recent being in October 2023, where it stands at 4.10%. These fluctuations have a direct effect on homeowners with mortgages.

Lenders adjust their interest rates in response to these changes, especially for variable loans. For those who’ve locked in a fixed-rate mortgage, they’re shielded from these immediate shifts. However, there’s the looming ‘revert rate’ to consider once their fixed term concludes.

But how do these rates compare to a few years back? A September 2020 report by the Australian Competition and Consumer Commission (ACCC) highlighted that homeowners with mortgages aged between 3 and 5 years were paying about 58 basis points more than new borrowers. For those with mortgages over 5 years old, the difference was around 71 basis points. This data underscores the potential savings homeowners might be missing out on by not considering refinancing.

If you’re curious about how these changes might affect you and the potential savings you could unlock, it’s a great idea to chat with an expert Gold Coast broker. They can provide clarity and guidance tailored to your situation.

Professional Refinancing Advice for Gold Coast Homeowners

Top Reasons to Refinance Your Gold Coast Home Loan

Refinancing your home loan can offer a range of benefits tailored to your current financial situation. Here’s why many homeowners are considering it:

Avoid the "Loyalty Tax"

Some lenders charge existing customers more than new ones, a phenomenon known as the “loyalty tax”. By regularly refinancing, homeowners can sidestep these extra charges, potentially saving a significant amount over the mortgage’s lifespan.

Tap into Equity

Equity is the difference between your home’s value and your mortgage balance. For instance, if your home is worth $550,000 and you owe $430,000, you have $120,000 in equity. Refinancing can help you access this equity, whether you’re looking to renovate, buy a car, or invest in another property.

Switch Interest Rate Types

If you’re on a variable rate, refinancing might let you secure a lower fixed rate for a specific period (typically 1-5 years). You also get the flexibility to choose between various interest rate options, such as principal and interest or interest-only payments.

Benefit from Enhanced Features

Refinancing gives you the chance to add or remove certain loan features based on your needs. Popular options include redraw facilities, making extra repayments, offset accounts, and loan portability.

Consolidate Personal Debt

If you’re juggling multiple debts like credit cards or car loans, consolidating them into your mortgage can simplify and reduce your monthly payments. This is especially beneficial if those debts come with high interest rates.

Adapt to Changing Financial Situations

Life changes, and so do our financial needs. Refinancing can help adjust your loan terms to better suit changes in income, family size, or long-term financial goals.

Secure Better Loan Terms

The lending landscape is competitive. Refinancing can be a way to secure better terms or conditions that weren’t available when you first took out your loan.

Advantages of Partnering with a Professional Lending Solutions Gold Coast Refinancing Broker

Wondering why you should consider using a PLS refinance broker on the Gold Coast? Here are some compelling reasons:

Broad Lender Network

Brokers maintain relationships with a diverse range of lenders, from major banks to niche financial institutions. This vast network ensures they can explore multiple loan options, increasing the likelihood of finding one that aligns perfectly with your needs.

Skilled Negotiators

Beyond just identifying potential loans, brokers possess the negotiation skills to engage with lenders on your behalf. Their aim? To secure favourable terms and the best possible interest rates, potentially saving you thousands over the life of your loan.

Personalised Recommendations

Every individual’s financial situation is unique. Brokers take the time to understand your financial goals, current circumstances, and future plans. This comprehensive assessment allows them to suggest loan products that are tailored to your specific situation.

Cutting-Edge Tools

The lending landscape is vast and ever-changing. Brokers utilise the latest loan comparison software, which allows them to quickly sift through countless loan products, comparing features, rates, and terms to identify the best matches for you.

Deep Industry Knowledge

With years of experience and continuous training, brokers have an in-depth understanding of the mortgage industry. This expertise ensures they’re well-equipped to advise on the nuances of different loan products, interest rate movements, and market trends.

Flexibility

Traditional banks operate within set hours, which might not always fit into your busy schedule. Brokers, on the other hand, offer flexibility in terms of meeting times and locations, ensuring the refinancing process is as convenient for you as possible.

Paperwork Assistance

The loan application process involves a plethora of documents, from income verification to property valuations. Brokers guide you through this paperwork maze, ensuring each document is accurately completed, collected, and submitted, streamlining the approval process.

Peace of Mind

The world of lending can be complex and overwhelming. Having a broker by your side provides reassurance. They act as your advocate, ensuring you’re equipped with the knowledge to make informed decisions and are getting a deal that’s in your best interest.

Refinancing Tips for Your Gold Coast Home Loan

Thinking of refinancing your home loan?

When you consult with Phil or any of our skilled mortgage brokers at Professional Lending Solutions, you receive valuable guidance and insights tailored to your refinancing requirements. Here’s the kind of expert advice a seasoned refinancing mortgage broker like Phil can offer you:

Boost Your Credit Score

A better credit score can unlock better refinance deals. Check your score and take steps to improve it. Simple actions like paying bills on time and clearing your credit card balance monthly can make a difference.

Regularly Review Your Home Loan

Don’t just wait to feel the pinch. Every couple of years, have a chat with your PLS mortgage broker. They can help determine if your current loan still suits your needs or if there’s a better deal out there.

Look Beyond Just Interest Rates

Tempting offers might catch your eye, like low rates for the first year or cashback deals. But always read the fine print. Ensure the loan is beneficial in the long run by considering factors like ongoing fees and loan structure.

Understand the Costs of Refinancing

While refinancing can save you money, there might be costs involved, such as application fees or early exit fees from your current loan. Make sure you’re aware of these potential expenses to ensure refinancing is truly cost-effective for you.

Remember, it’s all about finding a loan that fits your needs both now and in the future.

Professional Lending Solutions

Trusted Refinance Home Loan Brokers on the Gold Coast

Pondering over your current loan terms, potential savings, or the best time to refinance? Wondering which lenders on the Gold Coast offer the most competitive rates for those looking to refinance? At Professional Lending Solutions, we specialise in guiding homeowners through the refinancing process. Connect with Phil and our dedicated team of refinance home loan brokers at Professional Lending Solutions for expert advice on making your next move. Let us help you find the best refinance loans Gold Coast residents like you can use for your needs!

Refinance Loans Gold Coast FAQs

How can refinancing save me money?

By switching to a loan with a lower interest rate or better terms, you can reduce monthly payments and potentially save thousands over the life of the loan.

Are there costs associated with refinancing?

Yes, there can be costs such as break fees, application fees, and valuation fees. It’s essential to weigh these costs against potential savings.

How often should I consider refinancing my home loan?

It’s a good idea to review your home loan every 2-3 years to ensure it still aligns with your financial goals and the current market conditions.

Can I refinance if I have a fixed-rate home loan?

Yes, but there might be break fees involved. It’s crucial to calculate if the potential savings outweigh these costs.

What's the difference between refinancing and loan restructuring?

Refinancing involves switching to a new loan or lender, while loan restructuring means changing the terms of your existing loan without changing the lender.

How does my credit score impact refinancing?

A good credit score can help you secure better interest rates and terms. Before refinancing, it’s wise to check your credit score and address any issues.

Can I refinance to consolidate other debts?

Yes, many homeowners refinance to consolidate high-interest debts like credit cards or personal loans into their mortgage, which typically has a lower interest rate.

What is equity and how can I use it when refinancing?

Equity is the difference between your property’s value and your loan balance. When refinancing, you can access this equity for purposes like renovations or investments.

How long does the refinancing process take?

Typically, refinancing can take a few weeks to a couple of months, depending on the lender and the complexity of your situation.

Do I need to use a broker to refinance?

While it’s not mandatory, a broker can provide expert advice, compare multiple loan options, and negotiate on your behalf, making the process smoother.

Is switching my mortgage to another bank better than refinancing with my current lender?

Whether switching your mortgage to another bank is better than refinancing with your current lender depends on several factors:

Interest Rates: Compare the interest rates offered by other banks with what your current lender is willing to offer. If another bank provides a significantly lower rate, it might be worth making the switch.
Fees: Be aware of any exit fees or penalties from your current lender and any application or setup fees from the new bank. Sometimes, the costs associated with switching can outweigh the benefits.
Loan Features: Beyond just the interest rate, consider the features of the loan. Things like offset accounts, redraw facilities, and flexible repayment options can make a difference in the long run.
Customer Service: If you’re unhappy with the service provided by your current lender, switching to a bank with a better reputation for customer service might be beneficial.
Negotiation Power: Before deciding to switch, approach your current lender and discuss your concerns. They might offer a better deal to retain you as a customer.
Loan Approval: Remember, when you switch to a new bank, you’ll need to go through the loan approval process again. Ensure that your financial situation allows for a smooth transition.

What kind of paperwork will I need for a refinance home loan on the Gold Coast?

When considering refinancing a home loan on the Gold Coast, you’ll need to gather specific documents to ensure a smooth process:

Income and Employment Records: Gather your tax documents, including tax returns and W-2 or 1099 forms, from the past couple of years to showcase your earnings and job history.
Recent Salary Evidence: Supply the latest salary slips or wage statements, typically from the past month, to validate your ongoing income.
Financial Account Summaries: Present statements from your bank accounts over the previous few months to demonstrate your financial health.
Details of Your Current Home Loan: Information about the mortgage you currently hold, such as the loan’s nature, the interest rate, and any remaining balance.
Home Value Assessment: Some financial institutions might want an updated valuation of your property to gauge its present market worth and the equity you possess.
Credit History Overview: While you might not provide this directly, financial institutions will evaluate your credit track record to gauge your reliability as a borrower.
Asset and Debt Documentation: Offer details of other valuable assets (like vehicles or additional real estate) and outstanding debts (like credit card balances or other financial obligations).

5-star reviews from happy clients!

Professional Lending Solutions - Phil Verheijen Mortgage Broker Gold Coast

4.9

Based on 137 reviews

review us on

Rachel Pounder

23:25 08 Nov 23

Phil was amazing to work with, very knowledgeable and was a stress free process to refinance my loans. Would highly recommend his services.

Melissa Silk

09:40 11 Oct 23

Phil was recommended to us and we could not be happier with the result we achieved having him by our side for the sale of our home and the purchase of our new home.Phil was incredibly prompt, honest and professional. He addressed every single query (and there were MULTIPLE) in such a timely manner. Phil helped map out the nitty gritty details from the get-go with honesty and his professional opinion so that when we decided to go ahead and buy in this current market, instead of waiting, we were able to achieve settlement in such a tight timeframe (21 days to be exact). We will DEFINITELY be approaching Phil in the future and are 110% more than HAPPY to recommend him to friends and family. Jenny, thank you for being the behind-the-scenes magician during our entire journey. We are very appreciative of your hard work (especially in the moments right before settlement).

Ben Shields

22:32 20 Sep 23

I have been using Dean for all my financial requirements for a few years now, along with others in my family. He has become our family finance guy. He always finds the right deal, gives great advice and makes the journey easy. I recommend to anyone !

Anton Hermanto

05:34 31 Aug 23

I was recommended the service of Phil through my Real estate agent.,if you need assistance with your home lending please go and see Phil, exceptional service and with his corporate Banking background he understood our finance need and was able to recommended the right product for us.Thank you Phil & team

Andrew Thornton

01:20 28 Aug 23

Phil was brilliant. The turnaround for our re-mortgage was very quick, and Phil made the process seamless. Would recommend 10/10.

Keeley-Anne lowe

05:37 18 Aug 23

Phil & his team are amazingThey supported us through buying our first home in Australia, they were always on hand to answer our many questions either via email, phone or in person.Super professional but also down to earth and friendly- would 100% recommend

Jason in Byron Bay

08:30 17 Aug 23

Great team and very easy to work with with....Highly recommended

Dino Barone

07:38 17 Aug 23

I cannot express how grateful I am for the exceptional service I received from Phil during my journey to buy my first home. From the very beginning, his dedication to guiding me through the complex process of obtaining a mortgage was truly remarkable.Phil demonstrated a level of honesty and transparency that I never expected from a mortgage broker. He patiently walked me through all the available options, explaining every detail in a way that made sense. His expertise gave me confidence in the decisions I was making.What truly set Phil apart was his commitment to my best interests. He went above and beyond to find a loan that was tailored to my financial situation, ensuring that I wasn't taking on more than I could handle. His advice was always genuine and well-informed, and I never felt pressured into making any decisions.Throughout the entire process, Phil was incredibly responsive. He promptly answered all my questions, no matter how big or small. It was evident that he genuinely cared about my experience and wanted to see me succeed in securing the best mortgage for my new home.I cannot recommend Phil highly enough.

Eliza Smith

20:40 14 Aug 23

Phil and the team at Professional Lending Solutions worked with us efficiently to help us secure our family home. The team kept us informed and helped us every step of the way. Our experience with Professional Lending Solutions was fantastic and I would highly recommend!

Roland Peterson

22:59 03 Aug 23

This business does a very professional job and made the whole process of our financial application smooth and easy. Phil also was very responsible and respectful and i felt we could trust him and his process as well. Highly recommend this broker!

Nick Turner

06:52 02 Aug 23

As a first home buyer the whole process was a bit daunting. Phil and the team were in real and simplified the lot. They really went to battle with the banks for me (being self employed) and got me the best possible outcome. Can’t recommend them high enough !

Harley Beric

07:12 21 Jul 23

Phil and his team went above and beyond with the service they provided.I have been a long term client of PLS as I could not find a house that met my budget.Phil was very understanding as he listened to all my questions I had to ask. He provided me honest feedback which made me feel safe and comfortable that I made the right choice in choosing him.Because it was my first time buying, PLS answered every question I had without frustration or judgement as they had to explain things to me once, twice and something a third.It was a very stressful life decision that should not be taken lightly and with Phil and his team behind you, you will never be made to feel as if you made the wrong choice with choosing them as a Broker.Many thanks once again.

Sinead Broadmore

09:01 08 Jul 23

We couldn't recommend Phil and his team enough. They were amazing and so helpful through the whole process. Having only moved to the country 6 months prior it was a stressful situation for us but they made it so easy and stress free. Will definitely use them in the future if need be!!

Nathan Thomas

03:20 20 Jun 23

Phil and the team from Professional Lending Solutions were very easy to work with and as with the name states were very professional!For clarity I’ve known Phil for many years and I’ve seen how he was able to help others get into their first homes and even second homes. It was now our time for the team to help us.We had many questions and were able to get all the answers we needed to make the right decisions.If your looking for a professional team that takes the time to explain all the processes, keeps you informed and gets things done then take the time to give them a call to see how they can help make your dreams a reality!

Donna hughes

05:53 22 May 23

We went to see Phil to refinance our home loan and consolidate our loans. Phil was full of information and very professional. We couldn't believe how quick Phil had got everything done for us. So thankyou very much Phil we would definitely be referring family and friends.

Leila “Leki” Ovcina

01:54 01 Apr 23

Phil, Jenny and the team at Professional Lending Solutions were more than what we could of hoped for. Very informative and were there through every step of the process. We couldn't done it all without them. I cannot recommend them highly enough. Every single one of the team is friendly and totally professional and helped put us at ease through every step.Thank you!

Marie Hibbert

01:05 21 Mar 23

We were reccomended Phil and his team from word of mouth (people I work with). As first time buyers we had many questions and alot of learning to do. Phil and his team were always a email or phone call away and were happy to answer all the questions we had. The process was easy from our very first face-to-face meeting and we felt confident in putting our trust in this team. Thank-you so much for starting us on a property journey. We would highly recommend their business! Pete and Marie

Kyle Robinson

03:20 14 Mar 23

Phil & his team were absolutely amazing through the whole process of buying our home. They were happy to answer any and all of our questions no matter how silly they were and guided us through the whole process. They made buying our home stress free and let us enjoy all the excitement without having to be concerned about all the small details.If you are looking to buy a house or even just considering it you should definitely give Phil and his team a call. They will get you right on the path to your home.

Brent

00:27 14 Mar 23

Phil got our first home loan 8yrs ago when we thought we couldn't and since then we've refinanced several times to ensure best rates as well as a business car loan. Always a personal approach, highly recommended.

Michelle K

03:14 08 Mar 23

The best brokers in the business.Phil and the team at PLS went above and beyond to help us refinance our mortgage and find the best solution for our circumstances.Phil is professional and fantastic to deal with.Highly recommended!

jake smith

08:30 19 Jan 23

Very happy we went with Phil and his team, being our first home we didn’t know what to do or understand a lot about buying a property we just knew we wanted one and Phil and his team walked us through every step and made it easy! Would 200% recommend

Sarah Cameron

00:13 11 Jan 23

Mel, Phil and the team at Professional Lending Solutions were simply amazing. Nothing was too much of a hassle. They made the whole experience extremely easy, stress free and had it approved within 3 days. We couldn't be happier with the service and would highly recommend their business! Will be using again!

Kirsty Scott

07:53 15 Nov 22

Phil was incredibly helpful, patient and honest throughout the entire process of re-financing. I appreciated his thorough and detailed answers to my questions, as well as his amiable nature. He was open and spoke with great candour, ensuring the entire process was simple, stress free and, straightforward. All in all a top bloke and skilled broker who I would certainly recommend. Thanks again!

Lisa Vincze

10:00 29 Aug 22

You should use Phil and the team at Professional Lending Solutions! We have used them a couple of times and they make it so much easier to manage the mortgage process - and know you’re getting the best personalised deal. Phil is so lovely and very responsive. Will be using them again.

Jordan Summers

00:29 29 Aug 22

We recently went through the often stressful process of selling our home and purchasing another. Phil and his team came up with the best tailored finance solution for our situation and were always on hand to provide guidance around the process from start to finish.I couldn’t recommend Professional Lending Solutions any higher, they were simply superb to deal with!!!!

Jennifer McLeod

00:20 29 Aug 22

Many thanks to Phil and the wonderful Professional Lending Solutions team! Having Phil in our corner for our financial needs has played a key role in securing the appropriate home loans for us. Highly recommend!

Renee Agnew

02:57 04 Aug 22

Phil Verheijen has been fantastic in providing advice on all matters of the lending system for purchasing my first property. I can highly recommend Phil as he is genuine and professional. Also his friendly team were extremely helpful.

Diana Saragozza

04:19 27 Jun 22

Professional Lending Solutions were absolutely amazing. After several bad experiences with other brokers in the past. These guys were straight to the point, very professional, excellent customer service and got our loan approved so quickly. They provided support and advice before and after the purchase of our home.Highly recommended.

Michael Fryer

06:47 27 May 22

Dealing with Phil and the team at Professional Lending Solutions was amazing.Absolutely incredible communication and professional support and advice throughout.Phil was happy to answer all our questions and explained the process to us with great detail.If you ever need a good broker please do yourself a favour and see Phil. You will not be disappointed. Thanks again Phil and the team at Professional Lending Solutions. Keep up the great work.