Home Loan Refinance

Home Loan Refinance

Give your home loan a refresh with Universal Finance

When was the last time you took a look at your home loan offer? It could be time to consider a home loan refinance. Refinancing your home loan can offer a fresh perspective on your financial health, providing opportunities to better align your mortgage with your current needs and future goals.


Discover the benefits of refinancing your home loan and get in touch with Universal Finance Corporation today to find out if you qualify. 



Home loan refinancing explained — what you need to know

Refinancing involves replacing your existing mortgage with a new loan in the hopes of securing a lower, more competitive interest rate, reducing your monthly payments or accessing new and helpful repayment features, such as a redraw facility or extra repayments option. 


Not sure if you need to refinance? While there is no rule as to how often you should be refinancing, here are four signs it may be time to do so:



  • Lower interest rates are available — If interest rates have dropped since you secured your original loan, refinancing could reduce your interest cost considerably. Our team of brokers can help you save a bundle in interest for years to come. 
  • Improved credit score — If your credit score has seen a boost over the years, it could be time to refinance. A higher credit score can qualify you for better loan terms than your original mortgage.
  • Change in financial situation — Whether you're looking to reduce your monthly payment or adjust the loan term, refinancing can provide a tailored solution.
  • You need access to cash — Refinancing can provide access to home equity to cover major expenses like home renovations, education or debt consolidation.



Access some of the best refinance home loans with Universal Finance Corporation 

If you are looking to save money on your home loan or simply want to see what’s out there, Universal Finance Corporation can help. As refinance home mortgage loans are one of the lending areas we specialise in, we manage everything from sourcing loans you are eligible for to getting your application across the line. 


Experience a simple and hassle-free process with Universal Finance. We invite you to book a free, no-obligation consultation to explore how refinancing or any other of our services can fit your unique financial situation.



FAQs

  • What is a home refinance loan?

    A home refinance loan is switching your current mortgage with a new one. There are many reasons why borrowers choose to refinance, from adjusting their loan terms to a more realistic repayment schedule, reducing interest rates to lower long-term costs, or accessing home equity for cash to put towards new projects, like a renovation. 


    Essentially, refinancing your home loan restructures your mortgage to better suit your current financial situation.

  • Why would someone consider refinancing their home loan?

    Refinancing provides a great deal of flexibility for borrowers looking to maximise the value of their loan. For instance, people might consider refinancing their home loan to secure a lower interest rate, which can reduce their monthly payments and overall interest costs. Refinancing can also allow homeowners to adjust the loan term, potentially shortening it to pay off the mortgage faster, or to tap into home equity for significant expenses like renovations or education.

  • How does the refinance process work?

    The refinance process with Universal Finance Corporation begins with a no-obligation consultation to assess your current home loan to ensure it is the best fit for your current financial circumstances. Should we find a better home loan option on the market, we’ll find a new loan with more competitive terms and handle the application and negotiations with lenders on your behalf. Once approved, the new home refinance loan will pay off your existing mortgage, and you'll start making payments under the new conditions.

  • How do I know if I qualify for a refinance?

    To qualify for a refinance, you generally need a good credit score, a stable income and a sufficient amount of equity built up in your home. Lenders may also consider your debt-to-income ratio to ensure you can manage the new loan payments and the amount you are looking to borrow. Rest assured, Universal Finance Corporation will investigate your eligibility thoroughly to ensure we only present loan solutions we believe you more than qualify for.
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