Should you refinance your home loan?
If you’ve had your current home loan for a long time, it is likely that new and better products or rates have become available. This is why it may be worthwhile to reassess the current market offerings and compare them against your existing loan.
Regularly reviewing your home loan ensures that you are using the most competitive products and features that best meet your circumstances, helping you achieve your financial goals cheaper and sooner.
If you find a superior loan solution to the one you currently have, you can refinance by applying for the new loan and paying out your current one. This may shorten or lengthen your loan term to meet your circumstances, and can often reduce the amount of interest and fees you are paying.
Reasons to Refinance
There are a number of reasons you may want to refinance your home loan:
- You may be looking for a better interest rate and lower repayments.
- You may be looking to renovate or buy an investment property using equity in your home.
- The extras or add-ons on your current loan (such as the fixed-rate period) may be coming to an end, and we can help you find a loan with better interest rate and/or a loan with better or more suitable features.
- Your other debts (such as credit card, personal loan, or car loan) may be repaid cheaper and quicker if you consolidate them into your mortgage. This may reduce your overall repayments and the amount of interest that you pay.