Refixing Your Mortgage
When you come to the end of your home loan’s fixed interest rate period, you might want to consider refixing or refinancing your home loan at a more competitive rate. Don’t let your annual reviews cause you any stress. The team at Futurebound can take care of it for you.
What is the difference between refinancing, refixing and restructuring my mortgage?
Refinancing your mortgage (aka remortgaging) is when you switch your home loan to a different bank. This decision is usually based on what another bank can offer you i.e. a better rate locked in for a longer-term, the ability to borrow more against your property etc. You can check out how much you could save by switching banks by using our mortgage repayments calculator.
Refixing your mortgage means you stay with the current bank lender your mortgage is with and make an agreement not to change the loan for a fixed amount of time. In return, the bank will fix the interest rate and repayments at a lower level.
Restructuring your mortgage can happen when you’re refinancing or when refixing your loans. First, we’ll review your current mortgage structure, and then suggest a new structure of the loans to make sure you’re paying the minimum interest on the loan and, in most cases, paying off the loan faster than the default number of years given by the bank. There are many different types of loan structures to consider. We can assist you in deciding what will be the best fit tailored to your personal circumstances.
Read about 04 Reasons to Refinance Your Mortgage.
Pros and Cons of Refixing Your Mortgage
PROS
The main advantage of a mortgage on a fixed rate is repayment certainty. For a set period, you’ll know exactly how much your repayments will be. This makes household budgeting a lot easier.
During the fixed interest term, your loan won’t be affected if the banks increase their interest rates.
CONS
The main disadvantage to refixing is you can’t opt out of your fixed term – unless you pay a break fee, which could negate any potential savings.
Refixing long-term means you’ll miss out on a better rate if banks lower their interest rates.
Our Process
01
Book a 15-Min Mortgage Advice Consult
Book in a free mortgage advice consult two months before your rate expires. We’ll talk through your options for refixing, refinancing and/or restructuring your mortgage based on your financial goals and situation to make sure you’ll pay the least amount of interest.
02
Negotiations and Confirmation
If the best plan for you is to refix, we’ll make sure you get the best interest rate your bank has to offer you. You’ll also get our advice for which fixed rate term is best for your situation and plans for the future.
03
Submission
Once we’ve received your confirmation of your refix instructions, we’ll help you refix your loan in your bank app or submit your instructions to the bank on your behalf.
04
Final Stages
Your new fixed rate term will be finalised and your new mortgage repayments will be set up and ready to go.
Needing Help With Your Existing Mortgage?
Whether you’re looking to refinance, top up your mortgage, or refix your mortgage, you can be sure you’ll get the right support. We’ll dive deeper into your financial situation and you’ll receive a customised plan and strategy to ensure you’re on track to achieving mortgage and financial freedom.
Why Work With Futurebound?
Years of Expertise
We have 50+ years of combined experience and expertise within the Mortgage Advisory and Financial Coaching space, so you can ensure you’re in safe hands.
Award-winning Team
We’re an award-winning team, and are proud as punch about it! To view our awards we’ve received over the time we’ve been in business, check out our testimonials page.
Thought Leader
We are someone with trusted opinions within the mortgage and financial space. To view the publications we’ve been featured in, check out our testimonials page.
Tips
We educate so we can fill your knowledge gaps around financial concepts and information as we know it wasn’t learnt in school, your parents didn’t teach you, and the banks won’t tell you.
Tools
You’ll always get the right tools so you can implement quickly and apply what you’ve learned to your own situation as soon as possible
Support
We provide coaching and accountability to ensure you’re on the right track and that you don’t make any costly mistakes on your journey.
What Our Clients Say
Don’t take our word for it. Here’s what our clients say:
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