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There are several reasons why homeowners choose to remortgage their properties. A remortgage, also known as a refinance mortgage, is a replacement mortgage that is taken out to replace an existing home loan. This can be done for several reasons: The new loan may have a lower interest rate than the existing home loan or the homeowner may want to access the equity in their property.
Whatever your reasons for wanting to remortgage your home, SA Home Loans can offer you your ideal remortgage product. Explore our range of remortgage products below to find one that best suits your refinance requirements.
The Variable Home Loan from SA Home Loans offers a flexible remortgage option with a competitive interest rate. The interest rate is determined according to each customer’s risk profile. Many homeowners, particularly those who have owned their properties for several years, have lower risk profiles than they did when they first purchase their homes but are still paying the same interest rate. Remortgaging with the Variable Home Loan allows homeowners with favourable risk profiles to take advantage of reduced interest rates.
With a flexible term of up to 20 years, the Variable Home Loan can also be tailored to individual homeowners’ financial requirements. When Remortgaging with the Variable Home Loan, homeowners can extend the term of their loans, thereby lowering their monthly payments, or payoff the loan quicker to reduce the term of their loan and be debt-free sooner.
SA Home Loans also offers additional remortgage products that help homeowners to access their property’s equity. Get up to R120,000 in Quick Cash - of which up to R75 000 could be paid within 72 hours of the approval of your remortgage application. You can use this cash however you wish: renovate your home, pay for your children’s tuition or pay off your outstanding debt.
SA Home Loans’ Interest Only Home Loan provides homeowners with a flexible remortgage solution. Homeowners are only required to pay the interest on their loan each month and can pay off the capital as and when they have the finances. You can therefore choose to make regular capital payments (which will steadily reduce the amount of interest that you are charged), or deposit lump sums when the funds are available.
Full settlement is required at the end of the loan term.
Home loans offered by banks are often subject to interest rate hikes. Even fixed interest loans offered by banks are usually only fixed for a period of up to 5 years. With the Varifix Home Loan, homeowners can choose how much of their loan to fix, and it will remain fixed for the full 20 year term.
Perhaps the most impressive feature of the Varifix Home Loan is that it is reviewed every 5 years and if interest rates have dropped, your interest rate will be adjusted. However, should interest rates rise, the interest rate on your home loan will remain at its lowest rate.
Remortgaging your home with SA Home Loans is simple. Use our Switch Your Home Loan calculator to learn how much you can save by remortgaging your house. Alternatively, contact us now to discuss your remortgage options with one of our refinance specialists.