928 mortgages: refinancing, bridging loans, debt recycling, new builds, security swaps + more

**Genevieve Lyons** (0:06)
That's all right, guess what?

**Joe Carroll** (0:09)
I'll see you there.

**Glen James** (0:10)
Confirmed everyone, there you have it. We're rolling, she doesn't know it, but we are rolling. Genevieve has just confirmed Wiggles Tickets.
It's your favorite band, isn't it?

**Genevieve Lyons** (0:21)
It is, think strong John.

**Glen James** (0:23)
That's right, today on the-

**Genevieve Lyons** (0:24)
Not John Pidgeon.

**Glen James** (0:25)
No, the other one. Hey, this is an episode, we are just doing Q&A, your Qs, their A's on mortgages. Most people, if you've got a house, you've got a mortgage, am I right?
Yeah.

**Genevieve Lyons** (0:40)
Would be nice not to.

**Joe Carroll** (0:41)
Yeah, I'd love that that wasn't the case, but yeah.

**Glen James** (0:44)
Well, would I go to a mortgage broker who didn't have a mortgage themselves?

**Genevieve Lyons** (0:48)
No.

**Joe Carroll** (0:49)
Well, maybe you would, because they're super successful.

**Glen James** (0:51)
My broker doesn't.
Yeah. Well, anyway, I can't speak on behalf of others, but that's it, we're joined by Genevieve Lyon.

**Genevieve Lyons** (1:02)
Lyons.

**Glen James** (1:03)
Lyons.

**Genevieve Lyons** (1:04)
Yes. First one.

**Glen James** (1:06)
First one. And Joe Carroll from Sphere Home Loans, good friends of the show and in life.
Yeah. So let's just start a first question. Anonymous said, now actually, we'll actually do Anonymous first, because I want to talk about this refinancing stuff.

**Joe Carroll** (1:25)
Okay.

**Glen James** (1:26)
And I remember I commented in this group, how soon can I refinance my PPOR mortgage is six months too soon.
Now, I actually wrote back like, why? Yeah.

**Joe Carroll** (1:41)
That'll be my initial question.

**Glen James** (1:42)
Yeah. So what do you people say when people ask like, how soon can I refinance my principal place of residence mortgage?

**Genevieve Lyons** (1:50)
Yeah. So yeah, the first question would be why.
But then, yeah, I think it would just be more down to questions around like, are you wanting to release a parental guarantee? Are you wanting to get equity out? Is it a better rate? And then really nutting down whether that's actually worth it or not, because a refinance isn't free. It costs you to refinance. So if you were moving for 0.1 of a better rate, what does that look like for you? But yeah, I just think you would have to have a pretty good reason as to why.

**Joe Carroll** (2:27)
And sometimes circumstances do call for it. I had a client recently, they bought a property for very cheap. It was 1.2.
For where it was, it was a really good buy. We managed to get a valuation with another bank that came in significantly higher, which meant they could access equity to do some other wealth creation. So we refinanced them within two months, because it enabled them to do something. Is it something that I'd recommend to everyone? No, unless you had a specific objective to achieve.

**Glen James** (2:55)
And I just wanted to double-click on this, because a lot of the time, we see this word, and this is what I wanted to do at the very top of the show, like refinance, there is this thought process that I've got a mortgage, I need a better deal, I must refinance.
It's not always the case, because there's another R word, isn't there? Can you read minds?

**Joe Carroll** (3:17)
Reprice.

**Glen James** (3:18)
Yes.

**Joe Carroll** (3:18)
You can.
We're doing so much of this at the moment. And I would say over the course of the last two months, I reckon I've turned away about 14 deals.

**Genevieve Lyons** (3:28)
Yeah, we literally work out the difference of like, okay, so that new rate is going to save you $65 a month in interest, but it's going to cost you $1,200 to refinance. Why don't we reprice you, see if we can even come close to matching that. And all your banking can stay where it is.

**Joe Carroll** (3:48)
And they're red hot on retention at the moment. They want to keep your business because they're not writing as much as they were.

**Genevieve Lyons** (3:53)
We had a client that was with a major lender. They were only with them for six months. Their LVR was 80%.
They called to get a discharge because they wanted to refinance to get more cash out because a higher valuation was elsewhere. And that bank retained them by offering a 0.21% discount on top of their rate. That's a lot.

**Glen James** (4:20)
Yeah, I was going to say that's decent.

**Genevieve Lyons** (4:22)
Yeah. So they were on around 6.25 and they are now on 6.04.