• CHANGING FROM A NON-BANK TO A BANK OR FROM ONE BANK TO ANOTHER-PERSONAL SERVICE,POLICY GUIDELINES ARE DIFFERENT
• UNHAPPY WITH CURRENT PROVIDER FOR VARIOUS REASONS INCLUDING:
• BETTER INTEREST RATE-PAYING HIGHER RATES CURRENTLY
• BETTER OVERALL LOAN STRUCTURE (FLEXIBILITY TO CHOOSE BETWEEN FIXED & VARIABLE RATE LOANS)
• ABILITY TO MAKE SOME EXTRA REPAYMENTS
• BUYING ANOTHER PROPERTY
• HELPING A FAMILY MEMBER BUY A PROPERTY
• BORROWING ADDITIONALLY TO – RENOVATE/UPGRADE/EXPAND/BUILD/IMPROVE
• DEBT CONSOLIDATION – CAR LOAN,C/C,HP,PERSONAL LOAN,OTHERS

THERE ARE A FEW OTHER REASONS. WHEN CONSOLIDATING DEBT –WHETHER REFINANCING OR NOT- NEED 6 MONTHS REPAYMENT HISTORY OF LOANS BEING CONSOLIDATED/REFINANCED

SHOULD HAVE SUFFICIENT EQUITY TO BORROW ADDITIONALLY

SHOULD HAVE ENOUGH INCOME TO SERVICE ADDITIONAL BORROWINGS

IS PROPERTY ACCEPTABLE TO NEW LENDER?

COSTS INVOLVED: EARLY REPAYMENT FEES IF ON FIXED RATE TERM OR EARLY EXIT FEES IF WITH A NON-BANK LENDER (CHECK LOAN TERMS), ADMIN FEES, VALUATION, SOLICITOR, and NEW SET-UP OF
AP ‘S, LENDER’S FEES, LOW EQUITY PREMIUM IF LVR OVER 80%

SOME OF THE COSTS ARE EXPLAINED