Thinking about refinancing my home loan for the first time. I see lower rates advertised, but I have no idea what the upfront costs look like. From what I have read, there are fees like discharge, application, and valuation, which can add up to a few hundred or even over a thousand dollars . I have also heard that if you are on a fixed rate, there could be a massive break fee .
For those who have done it before, what did you actually pay? Did you manage to get any fees waived?
A few things I am curious about:
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Do you need to pay Lenders Mortgage Insurance (LMI) again if you have less than 20% equity ?
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Is it worth it to use a mortgage broker for the first time, or should I go direct?
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I have heard you can get cashback offers – are they worth chasing ?
Also, did you end up saving money in the long run, or did the fees eat up the benefit?
Keen to hear from anyone who has been through it.
thanks in advance.