Hello Antonio, To save getting your hopes up, we would be able to get a valuation arranged up front, as unless you have a minimum of 10% equity in the property, it may not be worth doing. Also it will save you getting a hit on your credit file through putting an application in that won't go forward. Happy to discuss further if you are interested, please get in touch!
Hi Antonio, Keystart re-finance loans are my specialty. I can look at 95% lend which means your loan amount must be capped at $337500 including LMI. the LMI is usually 1.5% of the loan amount, so you will have a shortfall which is aprox $20,000. call me to find out how i can help you further.
Hi Antonia, Your Mortgage balance would need to be Approx. $319,500.00 (90% of the value) before you could get a much better rate than you currently have. There are a couple of lenders that would consider a 95% refinance but that would still mean your Mortgage balance would have to be Approx. $337,250.00. Both options would mean that you would have to pay lenders Mortgage Insurance that could be added to the loan, but we would have to work out if the savings were enough to warrant paying this insurance.
Hi Antonio, I'm seeing a lot of Keystart clients wanting to refinance at the moment, but many of them are unable to simply because they don't have enough equity. Ideally, you'd like 20% equity but because you didn't pay Mortgage Insurance with your initial loan, we can normally make it worthwhile with just 10% equity. Sounds like it might be a while before your valuation is likely to come in at the $385,000 you would need. However, it's probably worth double checking the valuation you've received. I can organise one for you from another bank if you like. It's amazing how different some valuations are for the same property right now. Feel free to contact me via my profile and we can discuss further.
Paul
Hi Antonio. I think the advice that Michael has provided to you is sound and is the best way to approach what you want to do, and is what I would recommend.