Jul 18, 2018 2:53 pm
My partner and i are just about to put in our keystart application today.
Our repayments will be quite high (total end amount after rebates 434K @ 5.17% means repayments of roughly $595pw). SO just wondering if anyone has been in the same situation and if they could give me a heads up on roughly how long it took them until they could refinance to a lower deposit. I was really hoping no longer then 12months but again i have no info to back myself up!
thankyou in advance!!!
Re: Keystart Refinance Times2
Jul 19, 2018 6:40 pm
- KEYSTART OFFICIAL REPRESENTATIVE –
Hi there KD1sthome,
It is great to hear you are ready to submit your application. If it is through a broker, then they could give you some feedback on your question, and they should keep you up to date with the progress of your application. If not, we’d be more than happy to have a chat.
This is a common question, and the answer is different for everyone as everyone’s circumstances are different. Our program is designed to help people get in to home ownership by lowering the upfront costs rather than offering the lowest interest rate on the market. Our interest rates may be above some rates you see advertised, but it is lower than the four major banks’ standard variable rate for owner occupied, principle and interest home loans. And with Keystart only requiring a deposit as low as 2% and not charging lender’s mortgage insurance, you may save many thousands of dollars.
Once you have a loan with us you are able to refinance at any time. In fact as a transitional lender we encourage you to refinance as soon as you have built enough equity to meet the requirements of a new lender. This can take some time. You can increase equity in your home by paying more than the minimum monthly loan repayments. Equity can also increase if your property goes up in value, although the property market is subject to fluctuations up and down.
Good luck with making your home ownership dream a reality. If you have any other questions, please give us a call on 1300 578 278.
Keystart Home Loans
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