Refinancing involves pre-calculated assessments and can potentially restructure your financial future. In addition to investing your time and effort into making such a decision, a critical component to the refinancing process is investing a skilled broker, who can best advise you.

Citywide Lending want to filter the finest option for your purpose.

In saying that, things to consider prior to renovating include:

• What type of property is it?
• How much equity is in your property?
• Are you familiar with your credit score?
• Have you calculated your debt-to-income ratio?
• Have you set financial goals? If so, what are they?
• Do you understand your current loan?
• What are the terms of your current mortgage?
• Are you seeking to change your mortgage type (E.g. variable or fixed)?
• Can you afford to refinance?

Refinancing is no small decision. It is not merely an umbrella to shelter a minor financial crisis, but rather one which impacts the future of your wealth. Be prepared with Citywide Lending. Let us shelter you from the stress arboured by financial strain.

Often always, applicants miscalculate the implications of loans and misunderstand the responsibility of one, especially refinancing. Citywide Lending aims to ensure that you, the applicant, understand the associations of committing to a refinance loan.

Important factors for you to consider are:

• Upfront and ongoing costs associated with your current loan:
  • Settlement fee
  • Mortgage registration fee
  • Loan service fees
  • Exit fees
• Comparison of home loans including
  • Rates
  • Fees
• Comparison of interest rates
  • Consider type of interest e.g. fixed, variable, split-rate  

Citywide Lending appreciate that refinancing is detrimental to your future wealth status and want you to save money. Knowing the implications involved in financing can ensure that the decision being made is one with careful consideration and projected outcomes. Be smart, let us guide you.

There are a multitude of reasons to deciding to refinance. You may be the perfect candidate for refinancing if you:

• Are looking for a better interest rate on your current loan
• Are considering using the equity in your home to renovate or rebuild
• Are coming to the end of a fixed rate term and can see opportunity for a more flexible home loan
• Are looking to consolidate current debt
• Are seeking a better method to managing finances
• Are looking for ways your home loan can offer potential tax benefits
• Are looking to use the equity in your home to re-invest through property, shares or other wealth-building opportunities

There are 7 steps involved in refinancing any current loans you may be paying off.

• Initial meeting: Organise an appointment and meet one of our experienced mortgage brokers.
• Documentation: Bringing in relevant documentation (as per your brokers request) can help work through your borrowing capacity and assess your ability to refinance.
• Application: Once your broker has unravelled your situation and an appropriate lender has been identified, you will fill out an application form and provide relevant documentation.
• Bank submission: The application and relevant documentation are sent through to the Bank through Citywide Lending, confirming any extra documentation or information required.
• Approval: Within 48 hours, your application is reviewed and, ultimately, approved. Sealed, signed and dated by you, your loan is now ready.  
• Settlement: All signed documents are sent to solicitors who then arrange a date for settlement and for your loan to be established; say goodbye to your old loan.
• Congratulations! Your new loan is now officially in place with all details confirmed to you by our friendly team.