There are many reasons for switching home loans, one being that you want a better deal and are looking to save money. However it is commonly thought that switching loans is difficult and costly and so many borrowers don’t bother looking at their choices when in fact they should.
Bernie Lewis makes switching home loans easy. We do all the leg work for you so you don’t have to spend time comparing loans and assessing your situation.
Your Bernie Lewis mortgage adviser can discuss your needs and goals with you, review your current home loan and the cost to switch loans, recommend if it’s suitable for you to switch loans and if so, recommend the most appropriate home loan solution for you.
In speaking with our clients there are some common questions borrowers ask about switching loans. The information below will help you prepare and make the right choices.
Is there a fee associated with switching home loans?
Generally, fees apply if you exit your loan within the first few years. Depending on the lender and loan product will depend on how much it will cost to change loans. When assessing the fees, your Bernie Lewis mortgage adviser can help you weigh up any short term costs with longer term savings, as a result of moving to a more suitable home loan.
Can I save money by switching loans?
Yes. Depending on your circumstances and loan type will depend on whether it’s worth you switching loans. Your home loan should suit your needs and lifestyle. Your Bernie Lewis mortgage adviser can show you whether you’re financially better off by switching loans.
How long does it take to switch loans?
In terms of your time, about 2 hours. Your first appointment with the mortgage adviser will take approximately 1 hour. The adviser will then go away, do research, compare products and then meet with you to present their recommended options. This second appointment will take approximately another hour.
Once you’ve selected which loan to switch to, it usually takes between 3 to 4 weeks for all the documentation to be completed with both lenders and the transfer to take place. Your Bernie Lewis mortgage adviser will take care of this process and ensure your new loan settles on time.
How do I select my next loan?
Your Bernie Lewis mortgage adviser will assess your loan, current financial position and needs and help you determine if it’s worth switching loans. They will present your options to you in a meeting and recommend suitable solutions for you.
We currently have a great home loan offer available so now’s a good time to enquire about your home loan choices with Bernie Lewis. For more information about this attractive offer click here or enquire now.