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The Essential Mortgage Refix Checklist for 2025: What You Need to Know Before Your Rate Expires · That Home Loan Hub

• 0:10
  Speaker 1: Hello and welcome back to the show.
• 0:12
  Speaker 1: Today we're going to talk about a mortgage refix checklist 2025 edition.
• 0:18
  Speaker 1: So a lot of people come to us when the time is nearing to do a refix and they ask us very similar question time after time.
• 0:26
  Speaker 1: So I decided to put together a little checklist to make your life easier and if you'd like a copy of this checklist, please comment or reach out and we'll send you a copy of it.
• 0:36
  Speaker 1: So the first thing you need to know get a pen and paper ready.
• 0:39
  Speaker 1: Let's go.
• 0:40
  Speaker 1: Know your dates when does your current fixed term end and do you have a break fee if you change early?
• 0:48
  Speaker 1: This is something we can find out for you, usually as your advisor, but having this information on hand will usually speed it up for us to do our job better.
• 0:58
  Speaker 1: Number two review your financial situation.
• 1:00
  Speaker 1: Has your income changed recently?
• 1:03
  Speaker 1: Has it gone up?
• 1:03
  Speaker 1: Has it gone down?
• 1:04
  Speaker 1: Are you expecting any big expenses?
• 1:07
  Speaker 1: Is there a baby on the way?
• 1:08
  Speaker 1: Are you moving?
• 1:09
  Speaker 1: Do you have renovation coming?
• 1:10
  Speaker 1: Do you have savings or a buffer for emergencies?
• 1:15
  Speaker 1: Number three compare rate options.
• 1:18
  Speaker 1: What are your bank's current offers for six months, one year, two years, three years?
• 1:23
  Speaker 1: What about floating or revolving credit?
• 1:26
  Speaker 1: Are there any cashbacks or discounts available?
• 1:29
  Speaker 1: Again, as part of our job, we go out and fund you if you can get any cashbacks or discounts.
• 1:35
  Speaker 1: But if you know that or if you know what to ask, that makes your life easier as well.
• 1:42
  Speaker 1: Number four consider splitting the loan.
• 1:45
  Speaker 1: Would a mix of short and long terms reduce your risk?
• 1:48
  Speaker 1: Does splitting give you more flexibility?
• 1:51
  Speaker 1: Do you have a lump sum of money coming in anytime soon to assist you to make that decision lighter?
• 1:56
  Speaker 1: Number five think ahead.
• 1:59
  Speaker 1: Are you planning to sell or move or refinance anytime soon?
• 2:03
  Speaker 1: Would fixing long-term limit your flexibility?
• 2:07
  Speaker 1: A lot of the time people don't realize that when they fix for long-term and then at the same time, trying to put their house on the market, they will actually face the break fees.
• 2:16
  Speaker 1: Even if you buy and sell and you have to change your loan within one day difference, you will incur some break fees normally.
• 2:24
  Speaker 1: So please think ahead.
• 2:26
  Speaker 1: Number six run the numbers.
• 2:29
  Speaker 1: So use a mortgage calculator or ask your advisor to model for you what the new repayments will look like under each option the total cost over time, break even points for fixing versus floating.
• 2:41
  Speaker 1: And number seven, our favorite, of course don't just accept the bank's offer.
• 2:46
  Speaker 1: Ask Can they match or beat other offers, can they waive fees or sweeten the deal?
• 2:52
  Speaker 1: So talk to us.
• 2:54
  Speaker 1: We have options.
• 2:55
  Speaker 1: We can see what other banks are offering and maybe sometimes you'll be better off just renegotiating Now.
• 3:03
  Speaker 1: Bonus tip Refixing is also a great time to reassess your insurances, kiwisaver and your budget.
• 3:09
  Speaker 1: Align your whole financial plan.
• 3:11
  Speaker 1: Think of it as taking your car for a wolf.
• 3:14
  Speaker 1: You take your car for a wolf every.
• 3:15
  Speaker 1: You take your car for a wharf every year.
• 3:16
  Speaker 1: Take your finances for a wharf as well.
• 3:19
  Speaker 1: Well, thank you until next time and stay tuned for my webinar every fortnight on a Thursday.
• 3:25
  Speaker 1: See you then.