Mortgage Refinancing
Owning a home usually brings along with it all of the complexities of mortgages and financing options available to you to pay for your home.
While home loans can be quite confusing, what’s important is that they can affect your bottom line either positively or negatively.
Mortgage refinancing is an option for anyone with a mortgage loan to secure a better interest rate, better terms or even a better structure for their specific situation. Deciding whether or not to refinance your mortgage as well as where to do so can be a difficult choice.
Whether you’re just thinking about your mortgage financing options or you’re actively searching for a new lender, you don’t have to go through this process alone.
Let the Qualified Financial Advisers at MyFuture help you every step of the way to make sure you get the best financing available to you.
Mortgage Refinancing In New Zealand
New Zealand is an excellent place to own property and this is helped by the economy’s stability. It can get even better if you’re able to refinance the mortgage on your property in order to save you money.
Interest rates fluctuate based on decisions by the Reserve Bank of New Zealand. When rates have been consistently low for an extended period, you may have the opportunity to refinance to a lower interest rate.
When interest rates are moving up, you may have the opportunity to refinance for longer periods to provide some interest rate cost security.
Deciding whether you should refinance the mortgage on your property in New Zealand is a major decision and should not be taken lightly.
If you are considering refinancing, reach out to our Qualified Financial Advisers at MyFuture for a no obligation FREE Discovery Session.
What Is Refinancing A Mortgage?
When you have a mortgage on your home, you pay interest on the loan you took out at a rate that is determined by the type of mortgage you availed of.
While this allows you to own a home without having the cash amount to buy it outright, it also means the interest you pay is essentially a service fee to the lender.
Fortunately, a situation may arise where you can refinance your existing mortgage to a lower interest rate or to a better structure. As interest rates fluctuate, a lower interest rate can mean the option to refinance, or secure a more favourable interest rate for your mortgage.
If you can take advantage of an opportunity like this, you will pay less money over time.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your property goals with a tailored financial plan and proven financial expertise.
When Can You Remortgage?
Refinancing a mortgage, or remortgaging a home, is an option for any property owner with a mortgage loan.
Depending on the conditions in your mortgage contract, you may be able to do it at any time, or you may be limited by penalties as to when you’re able to do it.
Depending on the penalties, it may still be your best option to refinance your mortgage right away.
Knowing when to remortgage is a complicated decision, so your best bet is getting professional support from a Qualified Financial Adviser.
How Much Of Your Mortgage Can You Refinance?
If you have an existing mortgage and have made regular payments, you can likely refinance for the full outstanding balance on your property.
The money you’ve paid into the property is your equity and reduces the outstanding amount of your mortgage. If you’re thinking of refinancing part or all of your home mortgage, make sure to consider how this will affect your finances, the total amount you pay, and the costs of your regular mortgage payments.
When you’re ready to refinance your home, having the support and experience of a Qualified Financial Adviser can mean the difference between losing or saving significant sums of money. Get in touch with MyFuture for your FREE Discovery Session today.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Understand Your Decision
We start by understanding your goals, financial position, and the decision you’re trying to make. You may already have done your own research, used AI, listened to podcasts, or compared options. That’s completely fine — our role is to understand where you’re at and where you feel stuck. We do this during a Discovery Session.
Validate, Refine or Rebuild
Next, we review your situation, run the numbers, and assess the options available to you. Sometimes your thinking is on the right track. Sometimes it needs refining. And sometimes a different strategy is required. Our job is to help you make a confident, well-informed decision based on your life, your goals and your long-term financial future.
Take Action
A good decision only matters if it gets implemented. Once you decide on the right strategy, we help you put it in place. Whether that involves restructuring lending, setting up investments, reviewing insurance, updating KiwiSaver, or working with other professionals. We don’t just hand you a plan and leave you to figure it out. We're here with you for the entire journey.
Stay Accountable
This is where long-term progress happens. We continue to monitor your position, review your strategy, and help keep you accountable as life changes. Whether interest rates move, your income changes, you receive an inheritance, buy a property, or simply need guidance on the next decision, we’re here to help you stay on track.
Frequently Asked Questions