Refinancing your loan from one lender to another is becoming an increasingly common option for many kiwis these days. We are seeing several clients coming off a low fixed term interest rate and are faced with ‘refixing’ at a rate 2 or 3 times higher. In many cases, clients are engaging mortgage brokers to shop around and switch to Bank’s that are offering more favourable and competitive rates, to avoid being locked into what is being offered.
We have also experienced several clients switching to a first-tier lender from a second-tier lender. Second-tier lenders provide funding to people who cannot normally qualify for a bank loan, although this is helpful to many people most second-tier lenders have variable interest rates of anywhere between 11 to 12% per annum. Some banks have updated their policies to provide opportunities for people to switch to first-tier lenders.
At Godfreys Law we appreciate these are already stressful financial times for people, therefore we provide fixed fees for refinances if you meet the below eligibility criteria. We offer a set fee of $975.00 plus GST and disbursements for a simple refinance with all top tier lenders. This fee only applies to a simple refinance which we define as:
- One couple/individual (in New Zealand).
- One mortgage only needs to be discharged.
- No company or trusts involved.
- No other charges are registered on the Title that need to be addressed (i.e., notice of claim, caveat)
Our definition of top tier lenders include ANZ, ASB, BNZ, Kiwibank, Westpac, SBS and TSB.
If you want to find out how we can make the refinancing process pain free and seamless then get in touch with our property team today or email your enquiry to conveyancing@godfreyslaw.co.nz and one of our friendly team members will be in contact to discuss how we can best help you with your needs.
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