Refinance
There are a number of reasons to consider refinancing your home loan - perhaps you need to access your home equity, want to consolidate other debts, to get more flexibility in your loan or extra features, or simply to get a better home loan interest rate.
With so much choice and competition in today’s home loan market, it's important to know all the facts to make the right financial decision:
Why Refinance Your Home Loan?
-
Consolidate your debts into one;
-
Take advantage of cheaper home loan rates and lower fees;
-
Access to more home loan features and flexibility;
-
Access the equity in your mortgage to increase the value of your home through renovations or purchase an investment property; and
-
To switch from a fixed rate home loan to a variable home loan.
When to Refinance?
Mortgage refinance can be useful but also comes with risks and will take time and money.
Answer these simple questions before taking the leap:
-
Has your financial situation changed?
-
Are you happy with your existing loan – is the interest rate and features of the mortgage competitive in the market?
-
Are you happy with your existing home loan lender? Has the service been valuable and professional?
What are the Possible Costs?
Refinancing you mortgage can cost a number of fees and charges, including:
-
Application and establishment fees of a new loan;
-
Early settlement fees on the existing loan;
-
Discharge fees on your existing loan;
-
Valuation fees required by some lenders; and
-
Lender’s legal fees
Experience a fresh approach. Compare our home loans to find the best cost saving loan option or use our mortgage calculator tool to calculate your repayments.