What is repricing?
Repricing is the process on negotiating a lower interest on your current home loan package with your existing bank.
Why does homeowners reprice?
Many homeowners reprice to save on their interest. Usually if their lock in period is up, they can speak to their existing bank and request for a lower interest package. However, this is subjected to the existing bank approval.
Who should consider repricing?
All homeowners should consider repricing if their current home loan interest rate is not as competitive as the current market home loan rates.
How do I know what are the available home loan packages for repricing?
You need to call the existing bank. As you are existing customer, the packages they offer may be different from the advertise home loan packages.
What are the cost involve during refinancing?
It depends. Usually there will be a admin fee of $500 to $1000.
What documents must I prepare for refinancing?
Existing bank may request for your latest pay slip to justify your income and employment.
Talk to a qualified mortgage broker for your needs now!