Reviewing your Home & Business Lending can Unlock Potential Savings and Increase Cash Flow

Refinancing Your Home or business Loan with Queensland Capital Solutions

If you’re looking to refinance your home or business loan, we’re here to help. Our expert team offers customised solutions to save you money, enhance your finances, and reach long-term goals. Our expertise and personalised approach can guide you through the process of refinancing your loans with ease.

Business Finance

What is Refinancing?

Refinancing refers to the process of replacing an existing loan or mortgage with a new one. This is typically done to take advantage of better terms, such as obtaining a lower interest rate, extending the loan term, or changing the type of loan. Refinancing aims to save on interest or adjust monthly payments to suit the financial situations of borrowers. Refinancing can be done with the same lender or with a different financial institution.

Why Refinance with Queensland Capital Solutions?

Expert Guidance:

Our team of experienced mortgage professionals have in-depth knowledge of the lending market. We stay up to date with the latest industry trends and can provide you with expert guidance to make informed decisions about refinancing options.

Tailored Solutions:

We recognise everyone’s financial situation is different. That’s why we invest effort in assessing your personal needs and goals. Our team will tailor a refinancing plan that matches your specific requirements, ensuring that you achieve the desired outcome.

Access to a Wide Network of Lenders:

As a reputable brokerage firm, we have established strong relationships with a wide network of lenders. This enables us to give you access to a broad selection of refinancing options. We’ll leverage our connections to negotiate favourable terms and secure competitive interest rates on your behalf.

Streamlined Process:

Refinancing can be a complex process, our goal is to simplify it for you. Our team will handle the paperwork, liaise with lenders, and guide you through each step of the refinancing process. We’ll handle all the details, so you can focus on your top priorities.

Ongoing Support:

Our dedication to you goes beyond the refinancing procedure. We strive to build long-term relationships with our clients, providing ongoing support and guidance throughout your homeownership journey. Whether you have inquiries regarding your loan or require assistance in the future, our team is here to help you.

Knowing your Limit

The amount you can borrow when refinancing depends on various factors. Including but not limited to the current value of your property.

  • Lenders consider the loan-to-value ratio (LTV), often limiting refinancing loans to a maximum of 80-90% of the property’s value.
  • Your creditworthiness, income, and debt-to-income ratio also play a role.
  • Your credit score, employment history, and other factors may also be considered.
  • Consult with our QCS experts to determine the maximum loan amount you can borrow when refinancing.

Lets get started

What are your Refinancing Goals:

Evaluate why you want to refinance, such as lowering interest rates, reducing monthly payments, accessing home equity, or adjusting loan terms.

Research & Compare Lenders:

Let QCS make life easy by finding the best refinancing options for your needs, we will shop research various lenders. Compare interest rates, fees, and loan terms offered by various financial institutions.

Check your Credit score & Gather Documents:

QCS can obtain a copy of your credit report, review your credit score, and ensure its accuracy.
Gather necessary documents;

✔Proof of income (payslips, tax returns and business activity statements if you’re self-employed)
✔Personal information and ID (Driver’s license, passport, or birth certificate)
✔Current home loan statements
✔Records for other assets you might own (investment property or shares)

Apply & get pre-approved:

QCS will review your financial information and documentation to determine if you qualify for a refinance loan. QCS will now Submit a refinancing application to your chosen lender.

Complete the loan process:

Once pre-approved, QCS will provide any additional documents requested by the lender and complete the full loan application.

The lender will verify your information and then issue formal approval. Once the Loan documents are signed and returned to the lender the refinance can take place.

Fast Refinance

Fast Refinance is an accelerated refinancing option that allows borrowers to complete the process quickly. It involves streamlined application, expedited underwriting, and faster loan approval compared to traditional refinancing. While terms may vary, at QCS we can provide fast refinance options. QCS offers expertise in navigating the refinancing landscape, helping borrowers find lenders that offer fast refinance solutions.

Streamline Refinance

Streamlines refinance refers to a simplified and expedited process for refinancing an existing home loan. It is typically offered by lenders who meet certain criteria. Streamlining the application and approval process, reducing the documentation and administrative burden for borrowers.

The specific features of streamlined refinance can vary between lenders, but common characteristics may include:

  1. Reduced documentation: Streamline refinance often requires less documentation compared to a standard refinance, making it faster and more convenient for borrowers.
  2. Faster approval: Lenders offering streamlined refinance aim to expedite the approval process, allowing borrowers to obtain new loan terms and conditions more quickly.
  3. Limited income checks: Streamline refinance may involve less rigorous credit and income assessments.

It is important to note that streamlined refinance options are typically available for borrowers who are not seeking to access additional funds or make significant changes to their loan terms. The eligibility criteria and specific requirements for streamlining refinance can vary between lenders. Consult QCS experts to explore streamlined refinancing options and align them with your specific refinancing needs effectively.

SMSF Refinance

Refinancing an SMSF home loan can secure better terms, potentially saving thousands over the loan’s lifespan. It allows borrowers to switch to loans with lower interest rates or more flexible features. However, refinancing SMSF loans comes with specific considerations:

  1. Understand eligibility requirements: Review and ensure the loan meets the eligibility criteria and aligns with investment needs, as SMSF loans have different requirements compared to regular home loans.
  2. Gather necessary paperwork: Prepare essential documents, including tax returns, SMSF Trust Deed, Custodian Trust Deed, and financial statements, as required by the lender.
  3. Check terms and conditions: Carefully examine the fine print to understand the specific terms and conditions attached to the SMSF loan, such as minimum fund requirements and property purchase details.
  4. Comply with ATO requirements: Ensure the refinancing arrangement adheres to ATO rules, such as not increasing the borrowing amount against the property and complying with legal ownership transfer restrictions.
  5. Compare interest rates: Assess interest rates offered by different lenders and determine potential savings on repayments by switching to a loan with a better rate. Consider the benefits of fixed or variable interest rates.
  6. Evaluate fees and charges: Consider the additional fees associated with SMSF loans and compare them to your current loan. Calculate potential ongoing fee savings from switching.
  7. Calculate switching costs: Assess the financial benefits of refinancing against the costs involved, including discharge fees, break fees, and fees related to setting up the new loan.
  8. Seek professional advice: Due to the complexity of managing SMSF investments, consult with our QCS specialist SMSF advisor who can provide tailored advice aligned with your financial goals.

Consider the time and effort required for refinancing an SMSF loan and weigh whether the potential benefits justify the process.

FAQ

How long does it take to refinance home loan?

Home loan refinancing in Australia usually takes 1-3 weeks, varying based on factors. The step-by-step breakdown of the refinancing process and estimated timelines are as follows.

Benefits of Refinance

  • Lower interest rate: Refinancing allows you to secure a new loan with a lower interest rate, resulting in reduced monthly payments and potential long-term savings.
  • Debt Consolidation: Refinancing allows you to consolidate high-interest debts into your mortgage potentially reducing overall interest rates and simplifying your financial obligations.
  • Reduced monthly payments: By extending the loan term or obtaining a lower interest rate, refinancing can lower your monthly mortgage payments, freeing up funds for other expenses or savings.
  • Improved credit score: Timely mortgage payments after refinancing can positively impact your credit score, enhancing your creditworthiness for future borrowing.

How much does it cost to refinance?

The costs associated with home loan refinancing can differ based on individual circumstances.

Overall costs vary depending on factors like your current and new lender, as well as your location.

Am I eligible to refinance?

To be eligible for refinancing you must meet the new lenders’ criteria.

QCS will help you work out your eligibility and provide you with funding options.

Low documentation (low doc) refinancing: If you’re self-employed and lack standard income evidence, you can still borrow up to 85% of your property’s value by opting for a low doc mortgage. Consult a mortgage broker for specific conditions and cash-out restrictions.

Transitioning from low doc to full doc: Individuals who initially had a low doc mortgage but can now provide sufficient financial evidence can refinance for a better interest rate with another lender.

Refinancing from a bad credit loan: If you owe 80% or less of your property’s value and have paid off all defaults that no longer appear on your credit file, it’s possible to refinance from a specialist lender to a major lender.

It’s essential to discuss your situation with our QCS mortgage broker who can provide personalised advice based on your circumstances and help you navigate the refinancing process.

Is it a good time to refinance?

This depends a lot on your circumstances and future goals.

From many people, they will look to refinance due to several common factors.

  1. Your fixed-rate term concludes, consider refinancing for improved rates and flexible mortgage options.
  2. You’re looking to access equity to complete additional home improvements.
  3. You want to improve cash flow by consolidating personal debts such as car loans, personal loans and credit cards.

Acquiring an investment property could be difficult due to strict criteria from your current lender, inhabiting equity release. Refinancing with another lender offers the potential to secure loan approval for your investment property.

Reasons why borrowers refinance

  • Better interest rate.
  • Rebates and cashback
  • Consolidate debt.
  • To access equity
  • Renovate property.
  • Refinancing out of a mortgage obtained with bad credit.
  • Switch mortgage packages.
  • Get potential tax benefits.
  • Access additional features or add-ons.

How we can find you the right solution

  • Fill out our contact form to provide us with your details.
  • Our team will reach out to you to evaluate your situation and understand your needs.
  • We will explore the various options available from our network of lenders.
  • Our goal is to identify the most appropriate home loan deals that align with your requirements.

Can I refinance if I have a low credit score?

Refinancing with a low credit score may be challenging, but options exist. Alternative lenders or specialised programs may consider your financial situation, though interest rates could be higher.

What documents are required for the refinancing process?

Common documents for refinancing include proof of income, credit history, property valuation, and existing loan details. Lenders may request additional documents based on individual circumstances.

Can I refinance an investment property?

Yes, refinancing investment properties is common. It can offer opportunities to secure better terms, access equity, or adjust the loan structure to align with investment goals.

Talk with a QCS expert today!

QCS is your dedicated partner in achieving your refinancing goals on the Sunshine Coast and beyond. We understand the importance of being flexible so we give you the power to set your own appointment. Monday to Saturday from 7am to 7pm.

Contact details

Your Local Finance Broker

  • Address : Level 1 Brightwater Corporate Centre,

  • Suite 11D 69 Attenuata Drive Mountain creek QLD 4557

  • Call us : 07 545 10 298 or 0438 519 257

  • Email : finance@qldcapitalsolutions.com.au