While your social life may have come to a halt recently, your home loan obligations will likely continue - even through a lockdown. So, it’s worthwhile to find a competitive home loan that suits your personal and financial circumstances. Interest rates are still low, but they won’t last forever, so it might be time to take advantage of low rates.
For many borrowers, refinancing during a lockdown will mean refinancing online. Some lenders have closed their branches, forcing customers to move online for home loan and banking services.
In this article, we’ll take a look at how refinancing during a lockdown works, when to consider it, plus the pros and cons of online refinances.
There will always be homeowners who need to refinance, regardless of what extraordinary events are going on in the world. If you need to refinance, it’s entirely possible to do it during lockdown.
However, there may be reasons to avoid refinancing during a COVID-19 lockdown, depending on your circumstances. If you prefer an in-person customer service experience, or have limited internet access and your bank branch is closed, it may be better to wait until lockdown ends and in-person banking services recommence. Of course, there can be situations that require an urgent refinance, such as:
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Many banks still have certain branches open during lockdown, but some are closed or have reduced operating hours. If you plan on visiting your local bank branch, check online or give them a call to make sure they’ll be open and book an appointment if necessary.
The refinancing process during lockdown will differ depending on your lender or mortgage broker. Some lenders are still operating their branches, allowing for in-person refinancing to continue as normal. Although, make sure you book an appointment and check what the lender’s COVID-safe procedures are.
Most lenders, however, have expanded their refinancing services so they can be done online. This will likely involve phone calls, or possibly even video calls - especially if they need to verify your identity.
The same applies to mortgage brokers who have mostly moved operations online and are communicating with clients through phone and video calls. For online home loan platforms like Lendi, refinancing online is nothing new. After inputting some information about your existing loan and what you’re looking for, you can compare home loans from over 35 Australian lenders easily on our website. Our Home Loan Specialists will be on hand to guide you through the refinance process and answer any questions.
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You don’t have to wait until there’s a pandemic and lockdowns to refinance online. Online platforms like Lendi have been offering online home loans for new purchases and refinances for years. Here are some of the benefits to refinancing online:
Refinancing online is not for everyone. Here are some downsides to online refinancing:
Even if you just want to know what your refinancing options are, Lendi is here to help. Our Home Loan Specialists can provide you with free, expert advice and walk you through the refinancing process.
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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