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Home loan refinancing

What is refinancing?

Refinancing occurs when a mortgagee pays off their current home loan by immediately replacing it with another home loan.

The new loan can either be provided by the existing lender or be sourced from a different lender.

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6 reasons to refinance

  1. Refinancing provides an opportunity to switch to a loan with a lower interest rate.
  2. You might want to switch from a variable rate to the security of a fixed rate.
  3. Refinancing is one way to gain access to the equity in your home which you could use build additional wealth, pay for an extension or achieve other financial goals.
  4. Refinancing your home loan could be part of a debt consolidation plan whereby you roll several debts into one, potentially reducing your overall repayments. If the other debts are charging high interest and you can consolidate them into a loan charging lower interest, this means you can pay off your other debts in a more cost-effective way.
  5. You might want to switch to a loan that offers different features to your existing loan. These may include flexible repayments, a redraw facility, a repayment holiday or loan portability.
  6. New home loan products are sometimes launched. It pays to keep an eye out for new features that might benefit you at a particular stage of your life.

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How easy is it to switch lenders?

It is relatively easy to switch from one lender to another but there maybe costs involved. These will be determined by your financial circumstances and the amount of the loan. Some lenders do not charge existing customers to switch from one of their loans to another.

How a Home Loan Republic broker can help

Refinancing is not something to be taken lightly. You must be sure that the benefits are genuine and preferably long term. It is important to know that the financial benefits of refinancing will outweigh the costs.

The team at Home Loan Republic can advise you about refinancing and, should you chose to proceed, can handle all the negotiations and paperwork on your behalf.

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Get Your Free Home Loan Health Check

At Home Loan Republic, we regularly save our clients thousands of dollars by assessing their current home loan situation and taking advantage of better deals. Arrange your own Home Loan Health Check today and reap the benefits.

Enquire about a FREE Home Loan Health Check or call 0499 902 735

Get in touch with a Home Loan Republic mortgage broker about refinancing your existing home loan.
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