{"id":15215,"date":"2020-08-05T12:04:50","date_gmt":"2020-08-05T02:04:50","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15215"},"modified":"2020-08-13T10:00:14","modified_gmt":"2020-08-13T00:00:14","slug":"refinancing","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/refinancing\/","title":{"rendered":"Why would you refinance? (Hint: not because of rates)"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15216\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/refinancing\/email-what-are-the-2-reasons-to-refinance\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Email-what-are-the-2-reasons-to-refinance\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?resize=1000%2C250&#038;ssl=1\" alt=\"Refinancing\" class=\"wp-image-15216\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Email-what-are-the-2-reasons-to-refinance.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>According to the <a href=\"https:\/\/www.abs.gov.au\/ausstats\/abs@.nsf\/Latestproducts\/5601.0Media%20Release1May%202020?opendocument&amp;tabname=Summary&amp;prodno=5601.0&amp;issue=May%202020&amp;num=&amp;view=\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">ABS<\/a>, the number of people refinancing their mortgage increased by over 63% in the year to May 2020. Quite often people think the only reason to refinance is to obtain a lower interest rate. However, this thinking is incorrect. Typically, you don\u2019t need to refinance to obtain a lower interest rate (more about this below). As an experienced investor myself, I can tell you that there are far more important reasons to refinance your loans. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/711223?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">What is a refinance? <\/h3>\n\n\n\n<p>This might sound like a basic question. However, there are\ntwo types of refinances; internal and external. A refinance essentially\ninvolves entering into a new loan agreement. You can do that with your existing\nlender\/bank, and this is called an internal refinance. Alternatively, you can\nswitch to a new lender and this is called an external refinance. This\ndistinction is important for my discussion below. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The first two reasons are the most important <\/h3>\n\n\n\n<p>Over the past 20 years, the primary motives for refinancing\nmy personal mortgages were because of the first two reasons below. I\u2019ll share\nwhy later in this blog.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Reason # 1: restructure your loans <\/h3>\n\n\n\n<p>Your loan structure can have a big impact on your cash flow\nand ability to invest. Restructuring your loan repayments, how loans are\nsecured, loan terms and so on can provide substantial financial benefits. Here\nare a few examples: <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Resetting your interest only term<\/h4>\n\n\n\n<p>As I explained in a <a href=\"https:\/\/wealthcoach.com.au\/stage\/interest-only-expiry\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">blog last year<\/a>, interest only terms typically run for 5 years only. Once that initial 5-year term expires, most (but not all) lenders allow borrowers to rollover onto an additional 5-year term. However, once you have used two 5-year terms, the only way to get another is to complete an external refinance, and switch to a new lender. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Resetting your loan term to 30 years<\/h4>\n\n\n\n<p>Almost all loan contracts are based on a 30-year loan term.\nIf you elect to repay interest only, then your 30-year term will be split into\ntwo parts; one 5-year interest only term and the remaining 25-years on\nprincipal and interest (P&amp;I) repayments. Therefore, if you use two 5-year\ninterest terms (a second interest only term is typically only permitted for\ninvestment loans) and then switch to P&amp;I repayments, your repayments will\nbe based on the remaining term of 20-years. This will increase your minimum\nrepayments. For example, repayments on a $800,000 loan over 20 years are\napproximately $4,440 per month. However, refinancing the loan to back to\n30-years reduces the repayments to $3,380 per month thereby improving a\nborrower\u2019s cash flow. You can achieve this by completing either an internal or\nexternal refinance. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Release security, especially if you are planning to sell a property<\/h4>\n\n\n\n<p>It is important that loans are structured correctly to minimise your risk (minimise security), maximise control and ensure tax deductions are never compromised. To this end we often assist clients in restructuring their loans which could include <a href=\"https:\/\/wealthcoach.com.au\/stage\/updated-loans-structured-correctly\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">unwinding cross-securitisation<\/a>, consolidating loan accounts, splitting accounts, releasing property as security and so on. <\/p>\n\n\n\n<p>If a client plans to sell a property, we will consider doing\ntwo things in advance. Firstly, where possible, we will release that property\nas security. This ensures that bank has no control over the sale funds.\nSecondly, we will consider whether to retain the existing loan to preserve the\nclient\u2019s borrowing capacity. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Reason # 2: maximise borrowable equity <\/h3>\n\n\n\n<p>Maximising your <a href=\"https:\/\/wealthcoach.com.au\/stage\/proactively-maximise-borrowable-equity\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">borrowable equity<\/a> is important as accessing additional capital will help you build your investment portfolio and\/or achieve your lifestyle goals. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Bank valuations can differ materially<\/h4>\n\n\n\n<p>It is not uncommon for a valuation of the same property by\ntwo different banks to differ by several hundreds of thousands of dollars. This\ncan be the difference between being able to acquire another property, or not. Therefore,\nit is important to have a realistic assessment of the value of your property\nand then find a bank\/valuer that shares your viewpoint. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Higher borrowing capacity <\/h4>\n\n\n\n<p>Each bank will have a different borrowing capacity for\ndifferent client scenarios. These policies can change over time. As such, it\u2019s\npossible that the lender with the highest borrowing capacity today, might have\none of the lowest borrowing capacities 5 years from now. If your lender changes\nits policies or your circumstances change, it might necessitate a change in\nlenders. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Put some distance between a previous credit assessment <\/h4>\n\n\n\n<p>Sometimes it&#8217;s important to switch to a new lender to\nbenefit from a fresh pair of eyes. For example, if your existing bank has\ndetermined they don\u2019t want to lend you anymore money, then you need a brave\ncredit manager to overturn that decision, even if a few years have elapsed (since\nthat decision was made). That could be the case even if your financial position\nhas improved. <\/p>\n\n\n\n<p>However, a new lender isn\u2019t influenced by any previous\ncredit assessment. Instead, it will focus solely on the merits of your\napplication.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Reason # 3: reduce overall cost <\/h3>\n\n\n\n<p>The third reason is to obtain a lower interest rates and\/or\nfees. However, as I explain below, you may not need to refinance to a new\nlender to achieve this.<\/p>\n\n\n\n<p>The typical attraction of refinancing to a new lender is\nbecause they either offer you a higher variable rate discount or they offer the\nlowest fixed interest rates. <\/p>\n\n\n\n<p>Many lenders are offering cash incentives of between $2,000\nand $4,000. This more than offsets the cost associated with refinancing.\nRefinancing typically incurs three fees: <\/p>\n\n\n\n<ol><li>Your\nincumbent lender will charge a discharge fee to deal with the administrative\naspects. This is normally around $300 per loan. <\/li><li>Your\nnew lender will charge a settlement fee \u2013 again to deal with the administrative\naspects of setting up the new mortgage. This fee is approximately $200 per\nloan. <\/li><li>Mortgage\nderegistration and registration fees. These are government fees and depend on\nthe state the mortgage is registered in. These fees usually range between $200\nand $300 per property (security). <\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">How to get a lower rate without refinancing <\/h3>\n\n\n\n<p>Most lenders will offer borrowers higher discounts to retain\nyour business. But, of course, they won\u2019t do that proactively. You must ask!\nAlso, the lender must know that you are prepared to walk if they don\u2019t reduce\nyour interest rate. This is why it\u2019s important to cite a competitive offer. <\/p>\n\n\n\n<p>If you need any guidance with doing this, please don\u2019t hesitate to drop <a href=\"mailto:jmckeown@prosolution.com.au?subject=Help%20getting%20a%20lower%20interest%20rate%20from%20my%20lender\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Jodi an email<\/a>. <\/p>\n\n\n\n<p>You should do this before contemplating switching lenders. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why are the first two reasons the most important<\/h3>\n\n\n\n<p>The first two reasons are important because they help you\nsafely extend your borrowing capacity. Borrowing is a scarce resource. That\u2019s\nbecause its supply is finite \u2013 no one has an infinite borrowing capacity. We\nall have a limit on the amount we can and should borrow. This limit could be\nrestricted by your financial position or risk appetite. Or perhaps its\nrestricted by the banks. <\/p>\n\n\n\n<p>The important thing is that you take steps to safely maximise\nit. Doing so will ensure you have access to as much capital as possible to\ncontinue to build your investment portfolio and achieve your lifestyle goals. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How often should you refinance?<\/h3>\n\n\n\n<p>Speaking from personal experience, as an investor that is\nactively building wealth, I have typically refinanced every 2 to 4 years. I\nnever plan to leave my existing lender\/s. But if they start saying no, I don\u2019t\nlisten to them. Instead, I find a lender that will accommodate my realistic plans.\nThat has allowed me to continue to achieve my financial and lifestyle goals. <\/p>\n\n\n\n<p>If you are not an active investor, then it\u2019s very possible\nthat you won\u2019t need to refinance as often. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Beware. Refinances take time <\/h3>\n\n\n\n<p>There\u2019s almost no such thing as a quick refinance,\nespecially since lenders back-office processing has been adversely impacted by\nthe Covid lockdowns here and overseas. Depending on the lender, refinances can\ntake 2 to 3 months to complete \u2013 from start to finish. <\/p>\n\n\n\n<p>When it comes to refinancing, patience is definitely a virtue.\n<\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>According to the ABS, the number of people refinancing their mortgage increased by over 63% in the year to May 2020. Quite often people think the only reason to refinance&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[142],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why would you refinance? (Other than to get a lower rate)<\/title>\n<meta name=\"description\" content=\"Why would you refinance? (Other than to get a lower rate). 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