Refinancing
Is it time to review your home loan?
Let’s face it, your bank won’t tell you about better options elsewhere.
Simplii can review your current home loan and compare it with products from 30+ lenders. If there’s a better option elsewhere, such as a lower rate, less fees or better features - refinancing might be a great idea!
We recommended reviewing your mortgage every 1-2 years to keep up with the best options on the market.
How we help
We have 30+ lenders. This give you more options, rather than sticking to the limited products at your bank.
We do the shopping around. This saves you time and from making enquiries with different banks (which may impact your credit score).
We’re independent. We’re not tied to any lenders, and no banks have any shares to our company.
We save time and hassle. No need to wait in queues or on hold. We stream-line the process, helping you with contracts, lodging your application and even applying for government grants and schemes!
We stay connected. Whenever you need finance assistance, you have direct contact to your broker, who wants to help.
What’s the steps?
Refinancing a mortgage involves replacing your current mortgage with a new one, generally with more favorable terms.
Contact us: We can review your current mortgage for free. We consider the current terms, interest rate, remaining balance, and any prepayment penalties or fees for refinancing.
Check credit score: A higher credit score often qualifies you for better refinancing terms, such as lower interest rates.
Determine refinance goals: Common reasons include lower monthly payments, reduced interest rates, changing from variable to a fixed-rate mortgage, or accessing equity in your home.
Shop around for lenders: Research multiple lenders to find a suitable home loan option. We consider interest rates, features, fees, loan terms, and customer service.
Apply for refinancing: Once you've chosen a lender, we will assist you through the refinance application process.
Bank valuation: The lender will generally require an appraisal to determine the current value of your home. This helps them assess the loan-to-value ratio, which influences the terms of your refinanced mortgage.
Loan offer: After processing your application, the lender provides a loan offer so you can review the terms such as the interest rate, loan amount, closing costs, and any conditions or contingencies.
Acceptance: If you accept the loan offer, you can sign the paperwork to finalize the new mortgage. The new loan is used to pay off your current mortgage and you begin making payments according to the new loan agreement.