928 mortgages: refinancing, bridging loans, debt recycling, new builds, security swaps + more
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What is the main topic discussed in this episode?
It's all right. Guess what?
I'll see you there. Confirmed.
Confirmed, everyone. There you have it. We're rolling. She doesn't know it, but we are rolling. Genevieve has just confirmed Wiggles tickets. It's your favorite band, isn't it?
It is. I'm strong, John.
That's right.
Not John Pigeon.
No. The other one. Hey, this is an episode. We are just doing Q&A, your Qs, their As on mortgages. Most people, if you've got a house, you've got a mortgage. Am I right?
It would be nice not to.
Yeah, I'd love that that wasn't the case, but yeah. Well, would I go to a mortgage broker who didn't have a mortgage themselves? No. Well, maybe you would because they're super successful. My broker doesn't. Yeah. Well, anyway, I can't speak on behalf of others. But that's it. We're joined by Genevieve. Lion.
Lions.
Lions. Yes.
First one.
First one. And Joe Carroll from Sphere Home Loans, good friends of the show and in life. Yeah. So let's just start a first question. Anonymous said, actually, we'll actually do anonymous first because I want to talk about this refinancing stuff. Okay. And I remember I commented in this group. how soon can I refinance my PPOR mortgage? Is six months too soon? Now, I actually wrote back, like, why?
Yeah.
That would be my initial question. Yeah, so what do you peeps say when people ask, like, how soon can I refinance my principal place of residence mortgage?
Yeah, so, yeah, the first question would be why. But then, yeah, I think it would just be more down to – questions around like, are you wanting to release a parental guarantee? Are you wanting to get equity out? Is it a better rate? And then really nutting down whether that's actually worth it or not, because a refinance isn't free. It costs you to refinance. So if you were moving for 0.1 of a better rate, what does that look like for you? But yeah, I just think you would have to have a pretty good reason as to why.
And sometimes circumstances do call for it. I had a client recently, they bought a property for very cheap. It was 1.2 for where it was. It was a really good buy. We managed to get a valuation with another bank that came in significantly higher, which meant they could access equity to do some other wealth creation. So we refinanced them within two months because it enabled them to do something. Is it something that I'd recommend to everyone? No, unless you had a specific objective to achieve.
And I just wanted to double click on this because a lot of the time we see this word, and this is what I wanted to do at the very top of the show, like refinance. Yep. There is this thought process that I've got a mortgage. I need a better deal. I must refinance. It's not always the case because there's another R word, isn't there? Can you read minds?
Repriced.
Yes.
So, I mean, we're doing so much of this at the moment. And I would say over the course of the last two months, I reckon I've turned away about 14 deals.
Yeah, we literally work out the difference of like, okay, so that new rate is going to save you $65 a month in interest, but it's going to cost you $1,200 to refinance. Why don't we reprice you?
How soon should I consider refinancing my primary residence and is six months too soon?
See if we can even come close to matching that. And all your banking can stay where it is.
And they're red hot on retention at the moment. They want to keep your business because they're not writing as much as they were.
We had a client that was with a major lender. They were only with them for six months. Their LVR was 80%. They called to get a discharge because they wanted to refinance to get more cash out because a higher valuation was elsewhere. And that bank retained them by offering a 0.21% discount on top of their rate.
That's a lot. Yeah, I was going to say that's decent.
That's a lot. Yeah. So they were on around 625 and they are now on 604.
Yeah, which is healthy. Healthy. That's a great rate. So when you say cost to refinance, it's more the discharge fee.
The discharge, the title registration fees, the new package fee for that lender.
So there's an in and out cost with every mortgage. Yeah. And even if someone is like – oh, this bank over here, you're doing $3,000 cashback signups.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:06–3:42
2
How soon should I consider refinancing my primary residence and is six months too soon?
3:42–29:20
3
What are the pros and cons of bridging loans for buying land or a new build?
29:20–49:56
4
Is taking a personal loan to use as a house deposit ever a good idea?
49:56–1:02:12
Speakers
3 identifiedMore from money money money
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