Things in life change – and that includes interest rates, your circumstances and goals. When they do, it could be time for your home loan to change too. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone – with a broker doing the legwork, keeping your best interests at the heart of all recommendations, refinancing can be easier than ever.
Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
Not all home loans are packaged equally. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
Finding a lower interest rate isn’t the only reason why you may choose to refinance your home loan. If it has been more than a year since you last compared your home loan, or your circumstances have changed, it could be a good time to check if you would be better off refinancing. Some other reasons you may consider refinancing include:
If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed-rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.
If you have been making your home loan repayments, it is likely the equity you own in your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.
If your credit score has changed for the better since you took out your home loan, it is possible you could be eligible for a lower interest rate. It is always worth asking the question.
We’ll take the time to understand your circumstances and goals and review your current mortgage, including any exit fees or additional costs.
Next, we compare your loan with others offered by over 70 lenders to see if you could be better off somewhere else. You will receive a shortlist of our recommendations, which may include renegotiating with your current lender.
When you’ve made an educated decision, it’s go time. We do the legwork for you, from application to settlement. We then regularly check in to make sure your loan is still working hard for you.
Your privacy is guaranteed. We focus on solving your loan, not selling your data.
Leave your details and one of our brokers will be in touch to answer your questions, discuss your goals, and guide you through your next steps.
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
There may be occasions where you may be charged a fee by your broker.
Your broker is able to assess each lender’s approval times and identify those that can provide approval quickly, however this is subject to change and can vary significantly based on how complex is your loan application and how quickly you’re able to provide the information we need.
Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.
The way in which your broker will stay in touch with you will differ, however typically this will be via email. In addition you will be able to contact them for guidance as required. You are able to opt out of these communications at any stage.
