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Refinance | KAM Lending Services


Is your home loan still right for you?

Refinancing is a way to look at what is currently available in the market and to check whether your loan is still the right one for you. If it’s not, it may be time to refinance. Earlier, most people continued their mortgage with the same product / or lender until they had paid it off. Nowadays, people much more frequently refinance their loan which help them to save thousands of dollars in their mortgage repayments while having greater product flexibility.

Some of the main reasons of refinancing and its benefits are:

Lower Rate

The most common reason for people to refinance their loan is to get a better interest rate. Lower rate or less fees can be the simplest way to reduce your loan repayments. Which means you can have some additional money to spend on your living expenses or pay off more of your principal to pay the loan faster.


Debt consolidation is another reason to refinance your home loan so that you will have only one monthly repayment of all the debts. If you have multiple debts such as home loan, personal loans, credit cards, or other high interest loans and you’re making repayments with much difficulty, then it could make sense to consolidate these debts with your home loan. The main advantage here is that your home loan rate is typically a much lower rate in comparison to personal loans or credit cards which are very high interest bearing debts. However, it is also prudent to make sure that you don’t reduce your repayment amount once you have consolidated. The same is also true if you manage to get lower interest rates on your variable home loan. The savings this provides should be used to pay off the loan faster rather than to use this as spending cash.

More Flexibility

Sometimes people only discover the full details about their loan when it’s already late. When they approach their lender to include some loan features, they get response by their lender that either it is not doable or they will incur additional charges for this service. For example a redraw facility which assist to pay extra money into a loan and then redraw it later, if required. As this facility is generally not available with all the home loan products, so refinance the loan with other lender could be an option to increase flexibility and get the required features in the loan.


Another important benefit of refinance is home renovation. If you’ve owned your home for quite some time and its value has now increased, you may be able to use this increased equity to fund your home improvements. Plus, if you renovate well, you could also potentially increase your property value. If you don’t want to immediately start the renovation, you can put these extra funds into an ‘offset account’. Through this way, you may avoid paying interest on this equity release until you actually start using the funds for renovation.

Home Equity

In recent years, property prices have appreciated at a significant rate. Refinancing your loan with an increased property value might let you tap into that additional equity, which you can use for other purposes like putting a deposit for buying more properties.

Know the costs of refinancing

The main objective of refinance is to improve your overall financial position, which can only be achieved if you consider what other costs are involved in ending one loan and moving to another. Only then you can get the true benefit of switching loans. Some of the fees and costs involved in refinancing are discharge fee, break cost, early exit fee, application fee for new loan, valuation fee, settlement fee, registration fee and lender’s mortgage insurance. However, most of the lenders will charge you only few of these, not all of them.

We can help you understand what it will cost you to end your current loan and start the new one.

How we can help you?

For refinancing, you need to know exactly what is available in the market to choose an appropriate loan product that serves your purpose best.

That’s where we can help. We deal with more than 25 lenders and understand the current market and therefore can offer a wealth of information and expertise for you to draw on. We help you not only finding the right loan but also make the whole application & approval process much smoother.

First we catch up and talk about your current loan and financial circumstances and find out what your needs and goals are and how they could be achieved with the refinancing. We can then re-evaluate your borrowing capacity and discuss the related costs and identify any potential savings from rates, fees or features. From here we can then assist finding out the suitable loan for you.

Considering there are literally hundreds of different loan products available in the market, our main focus is to help you finding the right one, which suits your needs.

We have access to multiple lenders and stay up-to- date with the changes within the banks’ policies and their new products as they come through.

Once we identify a loan that works for you and suits your objectives, we then take care of the application process on your behalf.

Can we help you?

If you are looking for refinancing, please contact us to make an appointment for a free no obligation consultation. Contact us