Refinancing Mortgage Explained Australia

In this video CEO of The Loan Room Martin Bennett explains the pros and cons of refinancing your mortgage in Australia.
What most Australian's aren't aware of is that often refinancing takes them back to a 30 year loan term, as opposed to the term of the loan they've already paid off.
This can lead to thousands in additional interest repayments.
So awareness is the key to making the right decision when you refinance your mortgage.
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Get in touch with Martin Bennett directly by emailing [e-mail] or visit The Loan Room website theloanroom.com.au to find out more.
• Refinancing Mortgage E...

[@ahmadabboud1535]

Excellent video. I noticed this the other day from an instagram video. Luckily, I have not refinanced yet! Once I sat dad and did the Maths I found out I would be paying an additional 150k over the course of the loan if I refinanced a loan over 30 years. The awareness is super important.

[@kerpela]

Thanks mate. Yes, I totally agree with you. Simplified - bank interest…………… That’s why I really like D. Ramsey’s approach, although he’s in US, and despite what all “Rich dad, poor dad’ people say, “no debt” approach has really work out well for me in current times. Cheers.

[@stocktradingmastery]

Fantastic advice , very well explained , thanks !

[@green9614]

what if its back to 30 years term with extra repayments, would that be ok or still better off as keeping it at for example - 20years?

[@ashishpokharel4870]

Nice and honest explanation!!your agents don't tell you these.refinancing for 2000 dollars cash back is not a good idea

[@Jie-rz2hf]

I'm guessing this only applies to those without an offset account. 30 year loans aren't restricted to 30 years, you can always pay it off earlier. From what I understand, the repayments are calculated to last 30 years, however, with an offset, it can be repaid as quickly as possible.

[@smashpropertyinvesting]

Great advice mate, nice one !

[@olivedrabgarage6243]

Ok...se we had a 30yr loan, are 7yrs into it. I understood it that it was interest first and then principal after the initial 5yr term...however our lender, RAMS don't inform us when the initial term was over and are still charging us interest on our variable loan at 5.89% which I believe just went up .025% last week. We desperately need a new car, want to get an offset account and a fixed rate....are we to assume that we just wasted 7yrs of our money on interest and if we refinance we're going to be stuck with another 30yr loan and paying even more interest? RAMS are absolutely no help at all and being a family of 5 on a single income nobody wanted to help us, let alone even sit down with us and explain where this has all gone wrong. Now my wife is working full time and we desperately need a new car....I'm assuming they'll be more accommodating to what we want and can attach a sub-loan for the car? So.....are we up for another 30yr loan and be suckered into wasting thousands more on interest? Why can't you just go to another bank, attach a sub-loan and pay off your mortgage with zero interest now you've paid your original interest agreement? I would suspect that the bank having ownership of the property would be attractive enough to take on a dual full-time income couple with a good record of savings and paying the kortgage for the last 7yrs??

[@haydenwilsonx]

Absolutely great video, Martin

[@burnastelo1429]

Thabk you so much mate this video is gold

[@JIBZANify]

Absolutely brilliant tip.!!

[@imortgagebrokerbrisbane4567]

Great video easy to understand. Your instructions are very clear. Thanks!

[@typtyp7]

Why nobody talks about the interest procent of the repayment you are making in the first period of your mortgage???

[@samdiego1046]

Bloody brilliant video.

[@KAT-eb1qg]

Everyone’s a professional at a bbq haha

[@mic8492]

Thanks for this video! But fuck you remind me of Broden from Aunty Donna haha