- September 14, 2023
- Posted by: legaleseblogger
- Category: Related News
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### Seeking Advice on Changing Banks/Refinancing Mortgage with Less Than 20% Equity
Hello everyone,
I hope you’re all doing well. I wanted to reach out and see if anyone has successfully changed banks or refinanced their mortgage in the current economic climate, particularly when having less than 20% equity.
Allow me to provide a bit of background. My fixed term is ending this December, and I am eager to explore other banks in order to obtain a more favorable interest rate than what my current bank is offering. Naturally, I decided to seek advice from a mortgage broker to ensure I make an informed decision.
However, when I approached a mortgage broker, they dismissively brushed off my inquiry, claiming that changing banks with less than 20% equity holds little value. This response left me feeling uncertain and somewhat frustrated.
With that being said, I would greatly appreciate it if anyone who has experienced a similar situation recently could share their insights. Have you successfully changed banks or refinanced your mortgage despite having less than 20% equity? If so, I would love to hear about your experiences and any advice you may have.
Moreover, if anyone has any recommendations for mortgage brokers who are willing to assist in such circumstances, I would be extremely grateful for any suggestions.
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I think your mortgage broker is correct. Changing banks would trigger a revaluation which would change your equity calculation. You’re probably best to to stick with your current one until your equity is likely to be back >80%.
It wasnt worth it for me. You can talk to broker to get some idea. But wasnt much of benefit after all the hassle and other fees you have to pay such as low equity margin AGAIN on your new bank.
Refixing with your current bank is not a refinance, you just continue with the new fixed rate you pick or get placed on the floating rate.
Changing banks will cause the full reevaluation including current house valuation which will give you fuck all to negotiate with honestly
Don’t change till you’re over 20%
You’ll be fine with under 80% equity, banks will be throwing money at you…. it’s when you’re <20% equity you need to start worrying.
Depending on the new bank you will have a low equity margin or premium applied in addition to standard rates. It is 100% possible regardless of valuation as this is an RBNZ exemption as a dollar for dollar refinance (no new money).
A good broker will use a bank with the highest valuation model (each bank uses different ones) or even get a registered valuation if you are confident this is higher than the valuations on file.
DM me if you would like assistance, happy to help – I am a financial adviser
I’m exactly in the same position as you. Less then 20% and due in December with like 460k loan remaining. I’ve been wondering if there are cash back offers or anything avaliable. Keeping an eye on this post.
stick with the current no revaluation requirement
If you have less than 20% equity you donÔÇÖt really have the luxury of ÔÇÿshoppingÔÇÖ around. A $ for $ refinance is an exempt transaction, but you wonÔÇÖt have the bargaining power when equity is less than 20%. Get realistic