What does refinancing entail?
For those who already have one or two properties, refinancing can be a great way to save money and improve loan structure.
But what does refinancing entail?
Let’s break it down.
What is your current structure?
This is the first thing we look at for clients who are interested in refinancing. At Zinger we understand how important it is to structure lending correctly, especially if our clients are building a property portfolio.
How much are your properties worth?
Once we have sorted out your loan structure, we then order valuations on your existing properties. This gives us a clear idea of what we are working with.
Which lender should you choose?
Then it is a matter of narrowing it down to a few different lenders and comparing the products they offer to find the best one for you.
How will the new structure work?
After finding the right product, we then take the time to discuss how the new structure will work.
We may suggest making a few changes that will help you benefit more from the new loan. This could include changing the account splits or increasing/decreasing and redistributing certain debts.
Don’t forget to tell your accountant.
Once you have all this info from us, it is important to relay it back to your accountant so they can lodge your accounts correctly come tax time.
Everyone is different.
Since we all have different situations, it is important to speak with a finance expert who has a broad knowledge of the industry as well as a proven track record in helping people achieve their property goals.
Refinancing – The basic steps:
1) Value existing properties
2) Choose best bank and product
3) Lodge application
4) Gain formal approval