If you’re thinking about refinancing your home loan, you’re probably after a lower interest rate, better loan features or access to equity for a big expense. Done well, refinancing can save you money, reduce your repayments and give you more flexibility.
A lower rate could save you thousands over the life of your loan. You could also use your home’s equity to fund renovations, education or to consolidate high-interest debt.
In addition, refinancing lets you reshape your loan to suit where you are now, such as switching from variable to fixed for more certainty, or shortening your loan term to pay it off sooner.
Why refinance your home loan?
One of the most common reasons to refinance your home loan is a lower interest rate. Even a small cut can reduce your repayments and the total interest you pay over the life of the loan.
For example, if rates have dropped or your lender hasn’t passed on cuts, switching could save you thousands. Our loan comparison calculator shows the difference side by side.
Refinancing can let you use the equity in your home for renovations, paying off high-interest debt or investing.
So if your home has gone up in value, you may be able to release some of that equity. Still, it’s worth weighing up the pros and cons of equity release first.
You can switch between variable and fixed, add an offset account or change your loan term to better suit your situation.
For instance, shortening your loan term from 30 years to 20 can save a lot of interest. Thinking of fixing? Read whether fixing still makes sense.
If you have several high-interest debts, refinancing can roll them into one more manageable repayment, often at a lower rate.
As a result, using your home’s equity to pay off credit cards or personal loans can simplify your finances and lower your overall repayments.
Refinancing can lower your repayments, free up cash or give you the certainty of a fixed rate.
Has your income or credit history improved since you took out your loan? Then you may now qualify for better terms. A regular loan review is a good way to check.
How refinancing works with us
First, we get to know your goals and why you want to refinance your home loan, so our advice fits your needs.
Next, our team reviews your current loan and overall situation to make sure refinancing will actually benefit you.
Then we compare loans from a wide range of lenders to find rates and features that suit you.
You’ll also get a clear breakdown of what refinancing will cost and what you stand to save.
Paperwork is easier with us, because we help you gather everything the lender needs.
Once it’s ready, the application goes in and we handle the back and forth with the lender for you.
After approval, we guide you through settlement and make sure every condition is met.
Finally, your old loan is paid out and the new one starts, with us on hand to answer questions along the way.
What to expect from your broker
Every situation is different, so we take the time to understand your goals and any changes on the horizon. Whether you want lower repayments, access to equity or a better rate, you get advice that fits you rather than a one-size-fits-all product.
Throughout the process, each step is explained in plain English and you’re kept updated, with no jargon and no surprises. If a question comes up at any point, just ask.
Our relationship doesn’t end at settlement. Instead, we review your loan over time and help with whatever comes next, from adjusting your loan to buying an investment property.
Because we compare a wide range of lenders, we can find you a strong deal. On top of that, we handle the paperwork and the lender so the switch is as smooth and stress-free as possible.
Ready to refinance?
Our team will walk you through your options and help you decide whether refinancing your home loan is the right move for you.
Give us a call or book an appointment today to see how refinancing fits into your bigger financial plan.