Refinancing

Many people start to think about refinancing when interest rates or their personal circumstances change. If you are refinancing for what looks like a better home loan, the most important thing to consider is the long term benefits against the actual costs of refinancing.

Obtain a personalised refinancing suitability assessment

Make sure you get an assessment of how much switching loans could cost you from your local mortgage broker by filling out the form below, or contacting us at any time on 13 LOAN or direct on +61 2 9249 3739.

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Points To Consider When Refinancing Your Home Loan

The main points that you need to consider before refinancing your home loan relate to your motivation.

Check on exit or deferred establishment fees that you will be required to pay when you switch loans.
What are the establishment fees on the new loan and are there any deals on at the moment?
If you are refinancing to a fixed loan or a honeymoon loan, find out what the repayments will be once the interest rate reverts.
If you are refinancing to access equity, make sure that you have done your sums correctly on your needs and that there is enough equity available in your property to go ahead.

Refinancing should ultimately put you in a better position - check the costs to make sure.

Talk to a broker for more information that's in your best interest.

Some other questions you might ask yourself:

Am I satisfied with the performance of my lender?
Am I happy with the interest rate I am paying?
Are my home loan repayments manageable?
Does my home loan allow me to live my life the way I want to?
Do I have all the home loan features I need to make paying off my home loan easier?
Am I using all of the home loan features I am paying for?
Has my home loan adapted to any lifestyle changes? For example have you retired, changed jobs, had a baby or have your children moved out?

To fix or not to fix?

Fixed-rate home loans are often touted as the solution to combating and beating rising interest rates.

With the past interest rate rises still fresh in your memory and the possibility of still more to come, fixing your home loan may certainly seem to be an attractive option right now. But with many economists predicting interest rates are nearing their peak, now may not be the time to fix your home loan after all.

Fixing can be a fantastic option when rates look like they will continue rising for some time, or when you really need certainty around your repayments, but it’s certainly not the only, or even the best, way to tackle the problem of increased repayments.

If you are feeling the pressure, it’s always best to investigate all your home loan options and not just the one that is most common or most talked about.

Refinancing assessment

The fastest way to get a good understanding of your options is to talk to a good mortgage broker about your situation, the costs and the loans available that are in your best interest. Talk to your local mortgage broker or call us at any time on 13 LOAN or direct on +61 2 9249 3739.