Saving Thousands with Mortgage Refinance
Stay ahead in the ever-changing New Zealand real estate market, by remaining vigilant and exploring mortgage refinancing options. With fluctuating prices, interest rates, and government regulations, a mortgage refinance could save you thousands! Let Platinum Mortgages’ guide you through the process and secure your financial advantage.
The Power of Refinancing Your Mortgage
If you embark on a mortgage refinance with a different bank, you might be able to get more cash back when you need it and save thousands of dollars in interest, with potential lower rates. This lets you set up your mortgage in a way that fits with your financial goals, which is why many people who are not entirely happy with their present home loan, choose this option.
Refinancing Process Simplified
When you refinance, you replace your current debt with a new home loan. You can often get a better deal from other lenders, and your Broker will help negotiate this process for you. The process is easier with Platinum Mortgages, because we do the shopping around for you. We consider break fees, we help with the online application, and we’re there to support you over the long term, way after your new home loan is approved and settled.
Understanding Refinancing in New Zealand
When you refinance in New Zealand, you trade in your old home loan for a new one, with better terms or lower interest rates. This method works well for getting lower interest rates on loans, getting extra cash based on your equity available, and making the best use of your loan arrangement for better financial results. For extra benefits, consider a refix of your new mortgage or negotiate new terms, such as an extended loan term in years or interest only options.
Calculating Interest Savings with a Mortgage Refinance
Interest saved on a refinanced mortgage is calculated by applying the following formula: (Original Interest – Refinanced Interest) x Number of Years. As an example, we have used a mortgage of $570,000, an interest rate of 6.95% over 30 years compared to the same mortgage of $570,000, over 30 years, at a lower interest rate of 6.20%.
Original Interest at 6.95%: $570,000 x 0.0695 x 30 years = $1,188,450
Refinanced Interest at 6.20%: $570,000 x 0.062 x 30 years = $1,060,200
Interest saved = $1,188,450 less $1,060,200 = $128,250
Choosing Platinum Mortgages for Your Refinancing Journey
Why Refinance with Platinum Mortgages?
Significant advantages of choosing Platinum Mortgages for your refinancing includes:
- Expert guidance on choosing between refinancing and topping up your mortgage
- Assistance with break fees and associated costs
- Support throughout the entire application process and beyond settlement
Refinancing or refixing your mortgage with us, opens doors to substantial savings and increased financial freedom. Trust us to help you maximize this opportunity with smart choices.
Smart Mortgage Refinance
If you refinance your mortgage with us, you could save significant amounts of money and obtain additional financial freedom. You can count on our team to help you make the most of this chance, by making smart decisions. Get in touch with us for smart refinancing options.
Platinum Mortgages can help you figure out the pros and cons of changing or refixing your mortgage. Get in touch to find out more about how we can help you find the optimum financial choices for your needs. We are eager to help you find the best financial option!