Refinance my home loan
Looking to get a better deal and save money? In today’s competitive market, the loan you currently have may no longer be the right one. We will do the shopping around for you and find the right loan which will help you save money and repay your home loan faster.
With interest rates continuing to increase and cost of living pressures on the rise, your current home loan may not be offering you the best value or be the most suitable for your current needs. Refinancing involves paying out your current loan and taking out a new one, either with your existing lender or a new lender. The new home loan may come with a lower interest rate which will lower your repayments, giving you more disposable income or enable you to make extra repayments so you will be able to own your home sooner. The benefits of refinancing are not just limited to lowering your repayments and saving you money over time but also offer features and benefits that you may not have had with your previous loan.
Looking for a better deal on your home loan? Refinancing your existing loan to another lender or negotiating a better deal with your current lender can help you save money. With more than 40 lenders on our panel, we can help you navigate the many products on the market and find the best deal for your unique circumstances
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Things to consider when refinancing
Refinancing your home loan can potentially save you a lot of money on interest and fees, but it's important to carefully consider your options before making any decisions. Here are some factors to keep in mind when refinancing:
Compare the interest rates offered by different lenders to see if you can find a better deal than your current home loan. Keep in mind that a lower interest rate may also mean lower monthly repayments, but you may end up paying more over the life of the loan if the term is extended.
Some lenders may charge fees for refinancing, including exit fees from your current loan and application fees for the new loan. Make sure you understand all the fees involved and calculate whether the savings from a lower interest rate are worth the cost of refinancing.
Consider whether the new loan offers features that are important to you, such as an offset account or redraw facility. These can help you save money on interest and make it easier to manage your finances.
If you're considering refinancing to a loan with a longer term, keep in mind that you may end up paying more interest over the life of the loan, even if the monthly repayments are lower.
Your financial situation
Refinancing may not be the best option if you're experiencing financial difficulties or have recently lost your job. Make sure you can comfortably afford the new loan repayments and factor in any potential changes to your income or expenses.
Equity in your home
If you have built up equity in your home, you may be able to use this to negotiate a better interest rate or to borrow additional funds for renovations or other expenses.