How to Refinance

Switching lenders is easy and could get you a better deal that will save you thousands over the lifetime of your loan. To get started, consider these five steps to refinancing your home loan.

1. What are your home loan needs?

You should evaluate whether refinancing is right for you by contacting our advisors and evaluate what you’re looking for in a new home loan (i.e. lower interest rate, better features or more flexibility). Have you thought about accessing the equity in your home to renovate or buy investment property?

Knowing what features are important to you will help us help you compare home loans and make sure you find one that suits your needs. Also consider your overall financial situation and what you can afford, as this may have changed since you got your current home loan.

2. Compare home loans

Now is the time to compare home loans to find one that suits your budget and lifestyle.It’s important to consider more than just the interest rate when you’re refinancing your home loan.

Look at all fees and charges associated with the loan, as well as features and add-ons that are important to you and will support your lifestyle and long-term financial goals. We can evaluate your situation and provide you with customised advice.

3. Work out the costs

Our advisors can talk you through each home loan in detailto make sure you understand what it will cost to refinance your home loan and what your repayments will be on the new home loan. Some of the upfront and ongoing costs may include exit and break fees, start-up fees, new loan establishment fee, settlement fees and government fees and charges.

We will also help you work out how much you can save in the long term, compared to your current home loan, as well as give you tips onhow to save on your home loan.

4. Apply for a home loan

Applying for a home loan involves you providing us with the necessary documents. We will lodge your income, mortgage repayment history, other loans and financial commitments to your lender for you and ensure all your details are current and up-to-date

5. Settlement

Once you’ve signed the contract for your new home loan, settlement occurs and your new home loan is drawn down. This involves paying off your current home loan using the funds from your new loan.

Remember, refinancing isn’t for everyone, so it’s important to consider your financial situation and whether refinancing is right for you.