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Refinancing your mortgage from one lender/credit provider to another can be lengthy, costly and time consuming. The new and efficient way to refinance your mortgage is to use “Fast Refinance.”

What is Fast Refinance?

Fast Refinance is a unique refinance process whereby your new lender/credit provider uses a product called Title Insurance to:

>> Facilitate the refinancing of your loan in days, not weeks (faster same-day settlement)

>> Enable an “Unattended” refinance settlement (no settlement meeting or booking takes place)

>> Reduce settlement costs (all correspondence and funds sent electronically)

>> Streamline the mortgage loan process (requires minimal additional documentation)

What is Title Insurance?

Title Insurance provides protection to lenders/credit providers against known and unknown title defects on a security property. It offers additional risk cover to strengthen and enhance your legal interest in the mortgage and the security property.

Why Choose Fast Refinance?

You should refinancing your mortgage with the same extreme care you put into getting your original mortgage, and it is just as big a financial decision. So when you are thinking of refinancing, you should consider the following benefits of “Fast Refinance” and more importantly why wait for up to 6 weeks or more to take advantage of these benefits, such as:

No Fees – most lenders do not charge fees

Very quick Settlement – when all documents are received and certified you can have an approval in as little as one or two days

Savings – if refinancing at lower interest or extended term, it will save you money and even reduce your monthly repayment

Easy for you – as your new lender will contact your current lender and organise the new loan, you do not have to approach your old lender

Access to Funds – you may be able to access additional or surplus funds much quicker than when doing a standard refinance transaction

No Contact from your old Lender – process circumvents the old lenders “retention unit” from making contact to try and persuade you to stay with them

How Does Fast Refinance Work?

You will need to complete a new loan application with the new lender/credit provider and provide all requested documentation for your new loan, and the new lender/credit provider will:

>> Approve the loan application

>> Prepare all the Fast Refinance loan documents

>> Request you to sign and complete all the documents and state the “payout figure.”

>> Deposit into your old loan account sufficient money to reduce the loan balance to Nil

>> Pay you direct any surplus funds from the new loan

How Can a Finance Broker Help With Fast Refinance?

A professionally qualified finance broker is very experienced with arranging refinancing of client loans and he/she will help you in answering the following questions:

>> Am I eligible and how can I qualify for a “Fast Refinance” loan?

>> Can you help me to compare my current product features against the new product features before I decide to refinance my home loan?

>> Can you help me obtain formal approval to Fast Refinance my existing home loan and at the same time obtain pre-approval for the purchase of a new investment property?

>> With a Fast Refinance loan can I access the equity from my existing owner occupied property to assist me in the purchase of a new investment property?

>> Will I be better off refinancing my existing home loan and consolidating my debts?

>> What documents do I have to provide when refinancing or consolidating my debts?

>> Can you help me to calculate the value of my home equity?

>> Can you help to calculate my present loan-to-value ratio?

So, don’t forget to help of a finance broker. He/she will make you ready for fast refinance and ensure that you get cheaper rates and a better deal.

If you are one of the many first-home buyers who have been working hard over the ensuing years to pay down your mortgage as quick as you can, there is good news. With an increase in the value of your property, you now have access to a significant amount of equity sitting in your current home. This accessible equity can provide you with the perfect springboard to becoming a first-time investment property buyer.

So, if you are considering taking your first steps into the property investment market, you may find that you are:

>> Looking at the second property as “doubling your commitment” to servicing your ongoing debt, or

>> Unable to muster up enough courage to start the first move into an investment property market

Useful “Tips” for First-Time Investment Property Buyers

Don’t worry if you worried about your financial situation. If you are serious about being financially independent by the time you retire and you have been considering investing in property for the first-time, here are some useful tips to help you become successful in obtaining investment property loans:

Find a Suitable Property – Have a clear idea of the type of property you want to buy and its location

How much you can Borrow – You will need to assess the amount of debt you can take on. You can use a suitable “Borrowing Power Calculator” to help you determine the amount you can borrow

Budget – You will need to establish a personal budget, which involves adding up all your income as well as working out all of your expenses. You can use a “Budget Planner Calculator” to help you determine the amount you can borrow

Rental Income – You will need to make sure the rental income you receive from your investment property will cover the total costs of your investment property

Tax Deductions – There is a range of property investment tax deductions you can claim. So, it is important you seek tax accounting and legal advice from your tax accountant and solicitor Loan

Purchase Costs – Buying your investment property does come with a range of costs. Some of the typical costs include loan establishment fees, conveyancing costs, stamp duty, and Lenders Mortgage Insurance (LMI) premium (i.e. payable if the total amount of your borrowings is more than 80% of the total security value of your properties)

Investment Loans and Options – The type of loan you obtain should depend on your individual situation and should reflect your investment goals. There are also numerous home loan options with a range of features and benefits to choose from.

Loan Pre-Approval – Before you go looking for your first investment property, you should arrange to get your loan pre-approved. Because, a pre-approved investment loan will give you the peace of mind and surety when you are bidding at an auction.

I hope these tips will guide you in obtaining a better investment loan deal and make you a successful first-time investor. If you are overwhelmed with the amount of work that you will have to do for making investment in a property, it is best to seek help and guidance from a professionally qualified finance broker.

Having a specialist finance broker on your side will save you lots of time and heartache because he/she will negotiate on your behalf with numerous lenders/credit providers and secure your eligibility for a first-time investment property loan. So, don’t take tension of the loan process, employ a specialised finance broker and let him/her find the best investment property loan deal that suits your needs.