Should I Refinance

If you’ve had your current home loan for a number of years, we expect that your needs may have changed. You may have a different financial situation, but your current home loan may not have the range of flexible features and add-ons that are available in the market.

You should review your home loan from time to time, making sure it is still helping you achieve your financial goals and has the features you need.

Why refinance?

• You may be looking for a better interest rate or new features and add-ons such as flexible repayments, redraw facilities and account splitting
• You may be looking to use the equity in your home to renovate
• If you’re coming to the end of a fixed rate term, it’s a good time to see if you can get a better interest rate or a more flexible home loan
• You may be looking to consolidate debts such as a personal loan, car loan or credit card onto your mortgage, so it’s easier to manage your finances.
• Refinancing your home loan may offer potential tax benefits, if you refinance to access equity in your home and use those funds to invest in property, shares or other wealth-building opportunities.

Things to consider

When comparing home loans, you should take into account any upfront and ongoing costs associated with exiting your current loan and switching to the new home loan. These may include, settlement fee, loan establishment fee, mortgage registration fee, loan service, and exit fees and charges.

You may also need Lenders’ Mortgage Insurance / Low Deposit Premium if you are borrowing more than 80% of the property value.