🌟 Got questions about theSimpler Switch Refinancing? This is where you can refinance away from high rates (like after fixed rates end)without providing income documents :-
Income Verification: 💼 No need to provide income evidence for Simpler Switch. Lender uses Credit Bureau data for this purpose.
Repayment Comparison: 💵 The repayment comparison is based on the actual repayment amount, but servicing uses sensitised margin rates.
Self-Employed Applicants: 💼 Wondering if self-employed folks can apply even if their income isn’t a factor? Those with steady business income can proceed.
PAYG Employment: 👨💼 Switching jobs? For Simpler Switch, a 3-month rule applies for full/part-time and 6 months for casual positions. So, if you’re fairly new at your gig, hang tight before considering refinancing.
Cash Out Limit: 💸 Eyeing some cash out? While refinancing, remember there’s a cap. You can’t cash out more than $50,000 in a year.
Clear Repayment History: 📅 Need to check if a loan has a year’s repayment history? Equifax is your go-to. The timeframe starts from the account open date on the Equifax report.
OFI Repayments and Interest Rates: 📉 Current repayments only used for repayment comparison
Retaining Redraw in Refinance: 💳 Got redraw with OFI and want to keep it? No separate listing needed. Include it in the refinance purpose.
For more information or to discuss your own borrowing power, reach out for your free, no-obligation chat.
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