Refinancing & Restructuring
Refinancing is the act of moving your loans from one lender to another. Restructuring is the act of changing the composition of your loans.
When refinancing, a check-up is done and a new structure is discussed to better suit your current situation and future goals. This may occur because something has changed in your life or you have a new goal or the existing lender has changed policy. This may prompt us to look for better options elsewhere, appropriate to your needs and goals.
When restructuring you alter your existing loan structure. This may be required if you have accumulated several loans over time and want to consolidate or simplify your repayments. Other causes may be interest-only relief or wanting to extend or reduce the loan term.
There are numerous reasons to refinance your loans including, but not limited to the following:
Issues with Your Bank
Your current bank won't help or you are not happy with their service. You may be looking for a top up, purchasing an investment property or looking to restructure but you now don’t fit their policy or servicing criteria.
You may have a number of business loans, personal loans or credit cards outside your mortgage. Perhaps you even debts to the IRD which need to be paid. This is generally where non-bank lenders come into to play. As long as you have sufficient equity, there is generally a solution to solve your cashflow.
Access to More Funds
Achieving the maximum amount for purchasing more property and access to more funds. Each bank has their own servicing criteria and treats income differently. Your existing bank may be restricting you compared to others out there.
Change of Lender
If you are currently with a non-bank lender, but your financial position and performance has improved, we can look to move you to a main bank for better terms.
Interest Rates & Cash-Back
Generally the cash-back lock from a bank is three years. If you are passed this, you are likely able to move banks and obtain a new cash-back from another bank. This is a good opportunity to negotiate new rates depending on the market. Moving from a non-bank to main bank will also reduce interest rate.