Finance advice
Frank Valentic

4 benefits of refinancing your investment property

By Frank Valentic

Investors looking to build a property portfolio should constantly be looking at ways to increase their cash flow and reduce expenses. Despite changes to investor loans, interest rates are still low, which means now could be a good time to reassess your mortgage and consider refinancing your investments.

Blogger: Frank Valentic, director, Advantage Property Consulting

Many investors think that once a mortgage is locked in, there’s little room to move. In actual fact, you can always negotiate with your broker or bank, or potentially even switch mortgages.

The benefits are worth it. For instance, if you had a $500,000 mortgage and reduced the interest rate by just one percentage point, over 30 years you could save $100,000 in interest repayments. To put things in perspective, that’s enough for a deposit on your next investment property!

Here are four benefits of refinancing your mortgage:

1. You can secure a better interest rate

If you purchased your investment a number of years ago and locked in a fixed-rate mortgage, then it’s likely there are better options available given interest rates have reached record lows in the past year. So if your term is coming to an end, it’s a good time to lock in a new rate. Some lenders are offering one-year terms from 3.33 per cent, so shop around and find something that suits your long-term property goals.

Alternatively, if you’re currently on a variable rate, consider changing over to a fixed rate. While the RBA has continued to push rates lower and lower this year, a survey of experts conducted by finder.com.au showed that 56 per cent are forecasting the cash rate will start rising in 2016. Therefore if you are concerned about rate increases, speak to a financial adviser who can help you come to the decision as to whether switching to a fixed rate is right for you.

2. You can gain extra features such as off-set accounts

Many loans now come with extra features such as flexible repayments, offset accounts, account splitting or the ability to redraw. If your current loan doesn’t offer these add-ons and you see the need for them in the future, then changing loans might be a good idea.

Take offset home loan accounts for example, which can give you greater flexibility and help reduce your costs. Basically, any funds deposited into this account, such as salary or income from elsewhere, may offset the loan balance so you pay less interest – whilst still letting you have easy access to your money. If you foresee an increase in your salary and wish to cut down the interest on your loan, then this could be a good option for you.

3. You can access equity to renovate your property

Renovating your investment property is a great way to fast-track capital growth on your property. A newly renovated home also has much more appeal for renters and can enable you to increase your weekly rent. However, while many investors purchase with the intention of refurbishing, monetary hurdles often prevent them from following through.

In a booming market, you might be able to use the equity in your home to fund such a renovation. Equity is the difference between the market value of your property and the amount you still owe on the home. So if your investment property has increased in value since you’ve paid down your loan, you essentially can access this equity to undertake maintenance or renovations on your property.

4. You can also access equity for a deposit on a new investment property

You can use the equity from one investment property to put a deposit down on another investment property, growing your portfolio. Remember though, using the equity in your home requires you to owe more overall on your home loan. If the increase in capital growth on your property through renovations or purchasing another investment property outweighs the amount you owe on your loan, then it might be something to consider.

A better rate, extra features and the ability to access equity for renovations or deposits are just four of the reasons investors typically look to refinance their home loan. Others like to refinance their loans to consolidate debts from renovations, car loans or personal loans, or even gain tax benefits by investing in more property.

Regardless of your reason, every smart investor looking to build up a sustainable and profitable portfolio should assess their investments and mortgage on an annual basis. Of course, switching home loans is no easy feat – there are often break fees or specific terms when changing. It is best to speak with your financial adviser, mortgage broker or property investment specialist who can offer sound advice on what’s the best move for you.

Read more: 

5 ownership structures to consider 

How reliable are property valuations? 

5 tenant red flags 

Tips for subdividing your property 

Why you NEED a property manager 

9 golden rules 

 

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About the Blogger

Frank Valentic

Frank Valentic

Frank founded Advantage Property Consulting in 2000 and has since built a strong reputation as an advocate for buyers, sellers, and investors. He’s helped literally thousands of Melburnians find and move into their dream home, as well as helping hundreds of people find long-term security through developing successful property portfolios.

Who better to help with important property decisions than someone who’s spent the better part of two decades building their own extensive property portfolio? Frank is familiar to many from his TV appearances on Hot Property, Hot Auctions, Channel Nine News and The Block. He also writes for various media publications and has won many of the industry’s most coveted awards – some multiple times.

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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