Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:

– Calculate the total cost of the refinance
– Calculate the monthly savings
– Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.

Since refinancing is a complex topic, get in touch with us and we'll guide you in entire steps.

We are remunerated directly by the lenders not the clients. Our service to you is free.

The amount you can borrow will vary from lender to lender and also depends on your financial circumstance, however you can use our calculator to give you an approximate borrowing capacity or alternatively CONTACT US for a complete individual assessment of your actual situation.

Once we analyse your needs based on the information you have provided then we present you with the best product option where you decide, in conjunction with advice you receive from us. We will discuss your loan needs with you and make suitable recommendations, then arrange formal application and obtain loan approval.

The deposit required will vary depending on the lender's criteria and the type of loan chosen. Purchasing an owner occupied property will need approximately 5% of the purchase price as genuine savings but the more is always better. If you are looking to purchase an investment property you will require approximately 10% of the purchase price. There are various factors to be considered before we can advise the actual deposit you will need in your own individual circumstances. Please CONTACT US to provide you a specific figures.

The First Home Owners Grant is a once off payment you will receive from the Government. In some circumstances we may be able to use the First Home Owners Grant as part of your deposit. However there are many factors to be considered. To find out if you qualify and how much you will receive please CONTACT US and we will do it for you.

Cost will vary depending on the property value, loan product and loan amount. We've outlined approximate cost, please check above cost sheet provided.

Lenders Mortgage Insurance (LMI) is payable by the BORROWER only when the loan amount exceeds 80% of the lender's valuation, it is to protect lender (not borrower). Some lenders allow up to 85%.

A fixed interest rate does not vary for the fixed rate period, so payments remain constant for this period. A variable interest rate may rise and fall in line with interest rate changes in the market place. Your loan payments will change accordingly to reflect this change in interest rate.

There are hundreds of products in the market, and it is mainly depends on your needs and circumstances. Please contact us and we shall assess your situation, and present you the best suitable loans that suits you the best.

Obtaining a home loan is possible even with extremely poor credit. If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 15-50% down). The worse your credit is, the more you can expect to pay for an interest rate and a down payment.

Due to the nature of interest rate movements, mortgage rates can change dramatically from the day you apply for a mortgage loan to the day you close the transaction. If interest rates rise sharply during the application process, it could make a borrower's mortgage payment larger than he/she previously thought. To protect against this uncertainty, a lender can allow the borrower to 'lock-in' the loan's interest rate, guaranteeing the borrower the prevailing loan rate for a specified period of time (often 30-90 days).

Interest is calculated on your outstanding balance on a daily basis and charged to your home loan account once a month.

Yes, with correct skill and loan structure, we'll show you, a step by step plan how to minimize your mortgage and save thousands of dollars in interests, and own your home sooner.

Don't find the answer you are looking for? Please call SHAMIM on 0403 054 593