While your mortgage rate is important, it’s not the only thing to consider. Mortgage restructuring is the process of rearranging your home loan into a winning combination of fixed and floating interest rates, setting the right term or terms for fixed portions of the loan, and ensuring appropriate loan repayment amounts are set. The usual aim of restructuring is to save you thousands in interest repayments and repay your mortgage many years quicker than any standard term given to you by the bank.
As there are multiple ways to structure a mortgage, deciding what combination of mortgage options is best for you can be quite confusing. This is where we can assist. Because our mortgage advisers (commonly called mortgage brokers) will take the time to understand your situation and goals better than your bank, and because our advisers work with mortgages all day, they'll be able to ensure your loan structure is specifically structured to meet your needs. This includes considering circumstances such as if:
- You’re thinking of selling the property
- Your income is changing, or may change
- You expect or have already had a change in circumstances such as an illness or new addition to the family. This will affect your regular surplus
- Your childcare costs reduce soon
- The property is a home or investment property, or will soon transition from one to the other. This is because repaying all debt on an investment property isn't always the best option
- You're planning renovations
- You should consolidate debts
- You want to free up funds to invest elsewhere
- You expect any bonuses or lump sums
If we research your existing situation, and what’s on offer from your existing lender, and we think changing lenders is the better option, we’ll even do the hard yards on your behalf to get you the best deal. In this case, the time it would’ve taken you to research every bank and lender could be condensed into a brief email or call with our team.