Mortgage Refinance Unlocks Savings & Financial Freedom

Saving Thousands with Mortgage Refinance

A mortgage refinance can be a strategic and clever way towards saving thousands by reduced interest costs, simplified debt, and getting your home loan working harder for you to achieve your goals. In this article, we explore how smart refinancing can lead to big financial wins and long-term stability. Why? Because it is important to stay ahead in the ever-changing New Zealand real estate market, by remaining vigilant and exploring mortgage refinancing options.

What is Mortgage Refinancing?

Refinancing simply means “replacing your old mortgage with a new one”. What is the goal? Better terms, a lower rate, or loan features that better suite your lifestyle (and pocket). You can refinance with your current lender or switch to another bank, which is why many people who are not entirely happy with their present home loan, choose this option.

Why People Refinance

There are many reasons why Kiwis explore refinancing:

• Interest Rate Savings – Lower rates means reduced monthly repayments and therefore less interest accumulated over the life of the loan.
• Cashback Offers – Some banks may offer incentives to refinance with them
• Debt Consolidation – Combine multiple different debts (such as credit card or personal loan etc.) into your mortgage which is generally cheaper and easier to manage.
• Loan Restructuring – Increased flexibility with part of mortgage fixed over different terms.
• Improved Credit Score – Qualify for better rates now than they did previously.
• Change in Personal Circumstances – A change in employment, getting married or having children
• Change in Financial Circumstances – Perhaps received some inheritance or suddenly have unexpected medical bills or require urgent home repairs

Want to know when is the best time to refinance? Read more about refinancing when interest rates are low

Real-Life Savings Example

Using an example where you have a $570,000 mortgage at 6.34% over 30 years. Refinancing at 5.29% could save you up to $137,198 in interest over the life of the loan.

Now that is a huge potential saving just by restructuring your mortgage at the right time.

Simplifying the Refinance Process

A mortgage refinance doesn’t have to be difficult or daunting. At Platinum Mortgages, we simplify the process:

• We provide expert guidance on choosing between refinancing and topping up your mortgage
• We help you understand break fees and switching costs
• We submit the paperwork for you
• We liaise with the lender
• We provide support well beyond loan settlement

Is a Mortgage Refinance Right for You?

Every situation is different, and refinancing may not be the best option for you. It depends on:

• How long will you be living in your home
• How far into your fixed term agreement are you
• How much equity you have
• Your credit score and financial stability
• Break costs and legal fees
• Reason or purpose for refinance

Our team will help you work out whether refinancing is the right or best option for you. If not, we will explore other options better suited to your specific objective.

Why Work with Platinum Mortgages?

• Expert mortgage guidance from experienced Financial Advisers
• Access to a wide panel of lenders, including non-bank
• Impartial advice focused on your goals
• Dedicated support before, during and after refinance

So the process is easier with Platinum Mortgages – we do the work for you. We will help you figure out the pros and cons of changing or refixing your existing mortgage. Get in touch to find out more how we can help you find the optimal financial solution.

Refinancing your mortgage is one of the most powerful tools for saving money and reshaping your financial future. Reach out for a no-obligation refinance review and take control of your finances today.

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