Refinancing Your Property
One area of our law practice that we have noticed has been growing in the last 6 months or so, has been the area of refinancing.
The banks are very competitive with each other at the moment and are offering various incentives to entice new customers to refinance their properties from one bank to another.
Not only are the banks contributing legal fees to their customers, but they are also offering such incentives as: cash back, cheap insurance, and cheap credit cards.
Aside from the obvious benefits of receiving gifts or cash on settlement, interest rates are also at an all-time low and it seems the banks have the ability to negotiate reduced rates over and above the standard rates offered.
This combination of factors makes it a great time to consider refinancing your property.
From our perspective a refinance can be completed in a matter of days from when you have received the final approval from your mortgage broker or bank, to having the old mortgage repaid and a new mortgage registered on the Record of Title for your property.
Our standard fee for completing a straight forward refinance is $855.00 (inclusive of GST and disbursements).
If you are considering refinancing your property please contact your mortgage broker or bank directly to find out what they require to complete the process, and then let us know when you have approval and know what settlement date you are aiming for – we can then take it from there.