REFINANCING MORTGAGES IN NZ

Do you want to refinance your mortgage, is it a good idea? Have you too many credit cards? Thousands of dollars in short term debt at high interest rates? Are you struggling with repayments and losing sleep? COVID lockdowns have caused so much ongoing financial stress.

With the increasing interest rates is this making your repayments too much and you want to consolidate your debts? For many of us, bad credit could not be helped, Covid, redundancy, reduced hours, impacted us all. So, it is important to seek financial advice from mortgage refinancing experts, it’s all about kiwis helping kiwis.

We are Non Bank refinancing professionals, helping you to sleep again at night. As Non Bank specialists we have helped so many clients, over the years, save their homes through refinancing their mortgages. Another common request is to refinance to get cash out for property improvements, a rental investment or a business venture.

We are also now seeing more requests for a 12 –24 month interest only period on your Home Loan. Whilst this will increase your repayments after the interest only period, it can reduce your payments significantly short term, giving you a chance to get back on track. Interest rates could also have started to reduce in the future.

Our experience has shown that often the best way to find a solution is to lay all the cards on the table and talk about it. We will evaluate your home equity, existing home loan and loan term, any break fees, potential mortgage interest rates and the type of loan you may require for your unique situation. Then, we can discuss how a Non Bank refinancing option can be started.

Refinancing and debt consolidation is usually a great way to consolidate your loans. What will happen is that you can consolidate all your loans into just one weekly, fortnightly or monthly payment, this will often mean moving to a new Bank or Non Bank lender. In some situations, we would suggest two loans, one for your home loan and the other for any short term debt, allowing you to focus on paying this off as fast as possible. If you have credit card debts or a car loan and your current mortgage on your home is below 80% of the market value, then there are options to refinance up to 80%. Even though adverse credit and income situations are becoming more and more common, there are still some lenders in the market who will assist, and our expertise is in finding the right lender for you.

You may already be with a Non Bank lender, looking for a mortgage refinance at a lower rate, as you now are in a better position. With the continual rise in interest rates some Non Bank lenders are now over 10% pa. There may be options to refinance and save as much as 3% pa, with much lower repayments. Now that’s a good idea!

We are prepared to listen and give advice even if you have late repayments, bad credit history or are under the threat of a mortgagee sale and need urgent help refinancing. We understand the ins and outs of refinancing a mortgage and have helped many clients in these situations. Best advice, ask for help from us first!

Chat to one of our friendly, experienced mortgage brokers today.