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Refinancing

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Refinancing your Home Loan

Home loan refinancing provides a clear understanding of your financial situation, but more importantly, it can reduce your interest rate and save you thousands of dollars a year.

The Benefits of Refinancing​!

Secure a Lower Interest Rate

Home Loans are extremely competitive and lenders are constantly competing for your business. But often, they only give new customers the best of deals.

Refinancing a loan you’ve had for a few years to a different lender gives you a great opportunity to secure a better deal.

Pay your Mortgage Off Faster

A lower interest rate will save you money on the total cost of your loan in the long run. Furthermore, refinancing can lower your monthly payments. What’s the advantage? Extra money that you can use to make additional loan repayments and pay off your loan sooner.

Unlock the Equity in Your Home

Your home equity is the difference between the loan balance and the market value of your home. By refinancing, you can access your home equity and use the funds to achieve other financial goals, such as booking a once-in-a-lifetime vacation, buying a new car, paying off your children’s education, or renovating your home.

Stabilise your Debts

Debt consolidation is the process of combining several debts into a single low-interest loan, such as your mortgage.

This can lower the interest rate you pay on all of your debts and save you money on repayments. The extra money you save can then be used to pay off your mortgage faster.

Find the Loan that Benefits You Most

The advantages you seek from your loan are likely to change as your circumstances change. For example, a first-time home buyer may initially find it difficult to generate spare cash. Moving savings to an offset account, on the other hand, can be a valuable way to use savings to reduce interest costs as this changes.

Every loan has its own set of features that can help you at different times. As new features become available, it is worthwhile to consider refinancing to ensure you are getting the best deal possible.

Switch between different types of rates

Refinancing gives you the chance to lock in a low fixed rate. You’ll have more predictable repayments, which will make budgeting easier.

If your fixed rate term is coming to an end, refinancing may enable you to switch to the flexibility of a variable rate home loan.

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