La Trobe Financial Home Loans

La Trobe Financial

Key Benefits

+ One of Australia’s broadest product ranges offering financing across the life cycle.
+ Ability to choose the length of the loan from one to 30 years.
+ Fee free redraw services.

Drawbacks

x Maximum LVR is 80% of the property value.
x Generally more expensive than a bank.
x No branch access.

FAQs

What is the benefit of refinancing a home loan?

There is a range of benefits to refinancing your home loan. It can allow you to take advantage of a better home loan deal, unlock equity in your home, reduce the fees you pay, simplify your repayments (especially if you’re consolidating multiple debts) and even shorten the term of your mortgage therefore reducing your interest payments.

What fees are involved in refinancing a mortgage?

Some common costs of refinancing include application fees, valuation fees, registration fees and discharge of mortgage fees.

What is the risk of refinancing?

There are a few risks involved in refinancing your home. One of these is that if you apply for a fixed rate loan, sometimes this rate can actually fluctuate in the period between approval and settlement. This would mean you may not have actually locked in a better rate which is why it’s important to check you’re getting a home loan with a rate lock feature. Other risks involve getting locked into a longer mortgage term (therefore increasing your interest repayments) and being tricked by tempting introductory variable or honeymoon’ rates.

How much could refinancing save you?

There’s no hard and fast rule as to how much refinancing can save you: this depends on your unique financial situation, as well as the difference between your old and new interest rate. However, data shows that when your interest rate drops by 2% or more, this could save you up to $20,000 over the course of your mortgage.