Your Fixed Mortgage Is Expiring: What to Do!

As we approach the end of 2023, many homeowners are facing a significant financial challenge: their fixed mortgages are expiring. This means that their interest rates could potentially double or triple, putting a strain on their finances.

If you’re one of these homeowners, it’s important to understand your options and take proactive steps to manage these potential interest rate increases.

 

Here are a few things you can do:

 

Negotiate with your current lender for a better variable interest rate. Lenders may be willing to offer you a discounted rate to retain your business, especially if you have a good repayment history and strong credit.

Compare and refinance to a new lender. Shopping around and comparing offers from different lenders could lead to a better interest rate and save you money over the long term. However, it’s important to factor in the costs of refinancing, such as application fees and legal costs. A mortgage broker can assist you with this.

Consider refixing with your existing lender for another fixed term. This can offer you continued stability in your monthly payments, provided the terms are favourable.

Take advantage of easier refinancing options. Some banks are now offering refinancing with a 1% serviceability buffer instead of the standard 3%. This could be a lifeline for those who feel trapped in their current arrangements.

Consider a split loan. This is a type of loan where you have both a fixed-rate and a variable-rate component. This can be a good option if you want to lock in a low fixed rate for some of your loan, but also want to take advantage of the lower interest rates that may be available on a variable rate in the future.

Get a financial assessment. Before you make any decisions about your mortgage, it’s a good idea to get a financial assessment from a qualified financial advisor. This will help you to understand your financial situation and make sure that you are choosing the right option for you.

No matter what option you choose, it’s important to act early. The sooner you start the process, the more time you’ll have to compare rates and find the best deal for you.

 

Exploring Mortgage Solutions with Bayland Finance

 

Bayland Finance is a mortgage brokerage that understands the unique needs of each homeowner. We offer expert guidance and explore alternative avenues to find the best mortgage solution for you. We are committed to delivering exceptional service and uncovering the best solutions, and we have a reputation for caring about our clients. Get in touch with us today to learn more about how we can help you shape your mortgage’s future.

 

Empowering you to shape your mortgage’s future is our ultimate goal.

7 Reasons to use a Mortgage Broker

Your Financial Compass, Without the Price Tag: We’re a Free Service

Are you considering taking the big step towards homeownership? Or perhaps you’re contemplating a strategic investment in the property market?

Either way, navigating the labyrinth of home loans, interest rates, and financial jargon can be a daunting task. This is where mortgage brokers come in – your trusted allies in the world of property finance. With over 70% of loans now being submitted through mortgage brokers, it’s clear that they’re not just a trend, but a strategic advantage. Let’s delve into why using a mortgage broker can be your key to unlocking a seamless and customised home financing journey.

At Bayland Finance, we believe that everyone deserves a secure financial future.
Our team of lending specialists are dedicated to helping you every step of the way – from first home buyers to those looking to buy their dream home, or build their investment property portfolio.

With our personalised approach and commitment to customer service, we can help you navigate the complex world of lending and find the best solutions to achieve your future goals.

1. We Educate and Advise

Imagine having a personal guide through the intricate maze of home loan options, policies, and lenders. Mortgage brokers are exactly that – experts in the field who specialise in connecting you with the most suitable loan options. They have an in-depth understanding of the lending landscape and stay updated on the latest market trends. This wealth of knowledge is invaluable in helping you make informed decisions that align with your financial goals.

2. Tailored Solutions, Personalised Service

No two individuals have the same financial situation or aspirations. A mortgage broker recognises this and tailors solutions to match your unique needs. They take the time to understand your financial position, future plans, and preferences, and then match you with loans that fit like a glove. This personalised service ensures that you’re not just settling for a loan, but embracing a financial solution that complements your lifestyle.

3. Unbiased Advice

Mortgage brokers are not affiliated with any specific lender, which means their advice is unbiased and driven solely by your best interests. They act as intermediaries between you and the lenders, negotiating terms and rates on your behalf. This transparency ensures that you’re presented with a range of options and can make an educated choice that aligns with your financial wellbeing.

4. Saves You Time and Effort

The search for the perfect home loan can be time-consuming and overwhelming. Mortgage brokers simplify the process by doing the legwork for you. They compare loan options, negotiate rates, and manage paperwork, saving you precious time and sparing you from the stress of dealing with banks and lenders directly.

5. Maximising Your Borrowing Capacity

One of the crucial aspects of securing a home loan is understanding your borrowing capacity. Mortgage brokers have the expertise to evaluate your financial situation and help you determine how much you can borrow. This enables you to explore homes that might have seemed out of reach, ultimately bringing you closer to the house of your dreams.

6. Access to a Wide Network

Mortgage brokers have access to a broad network of lenders, including those that may not be easily accessible to the general public. This means you can explore a diverse range of loan products, interest rates, and terms, increasing your chances of finding a loan that aligns with your financial goals.

7. Smooth and Efficient Process

From the initial consultation to the final settlement, mortgage brokers streamline the loan application process. They are well-versed in the documentation requirements and can guide you through each step, ensuring that nothing is missed. This efficient handling minimises the chances of delays and roadblocks along the way.

Why Choose Bayland Finance as your Mortgage Broker?

When it comes to selecting a mortgage broker, experience and reputation matter. Bayland Finance boasts over 16 years of expertise in the mortgage broking arena, positioning them as industry leaders.

Their commitment to exceptional customer service and tailored solutions has earned them recognition as the MFAA mortgage broker of the year winner for the regional VIC/TAS area. This accolade is a testament to their dedication to helping clients achieve their property finance goals with a personal touch.

Navigating the complex world of home financing can be made simpler, smoother, and more rewarding with the assistance of a mortgage broker. These experts offer not just financial advice, but a partnership that is committed to your financial success. With a vast network of lenders, personalised service, and an unwavering dedication to your needs, mortgage brokers like Bayland Finance are the bridge between you and your dream home. So, why not embrace their expertise and embark on your home financing journey with confidence? Your financial future deserves nothing less.