Refinancing and Debt Consolidation FAQs

Start your free loan comparison service and borrowing capacity check.

How do I know if it makes sense for me to refinance?

First determine your financial goals: Do you want to improve your cash flow, reduce the term of your mortgage or do you need cash for a major purchase? Obtaining the right mortgage that suits your needs could make sense even when interest rates are not at their lowest. First, identify your goal and contact your Zar Mortgage Broker Consultant for suggestions that will best help you meet your objectives.

My lender is charging me a higher home loan interest rate than other lenders. Can I change lenders?

Absolutely! In fact, this is the reason most people refinance. Even if there is a penalty clause in your current home loan, it could still be financially beneficial to change lenders. Your Zar Mortgage Consultant will compare over 800 home loan products against your current loan to help you find the loan that best suits your needs.

The term on my honeymoon interest rate has expired and now my rate is much higher. Can I change lenders?

Contact your Zar Mortgage Broker to discuss your refinancing options. Your current lender may charge penalty fees for early repayment, but the long-term savings may outweigh the penalty. Contact your Zar Mortgage Brokers Consultant to find out if refinancing is financially beneficial for you.

If I move my home loan to a new lender, is there anything stopping the new lender from increasing my interest rate?

This will depend on what type of new loan product you choose. To ensure your rates do not increase, you should consider a fixed rate home loan to lock in the interest rate for 1 to 15 years.

Why do some lenders charge more than others?

Just like any business, banks and other lenders have different overhead expenses, profit goals, and pay different amounts for the money they lend. These and other factors determine how much interest they charge.

Can I refinance for no cost or low cost?

With the wide variety of home loan products available, you may be able to refinance your current mortgage with little or no money out of pocket. Contact one of our experienced Zar Mortgage Brokers Consultants to find a refinancing option that best suits your needs.  

Is it worth refinancing if there’s only a small change in the interest rate?

A lower interest rate will save you money if you plan on staying in your home for a few years. Even if the rate is the same or a little lower, you can still save money by consolidating other higher interest loans with your home mortgage.

Start your free loan comparison service and borrowing capacity check.