Time to refinance?

Set and forget might work with the oven timer...not so much with your mortgage. Twenty-five years is a long time and things change. If you answer yes to any of the questions below then it could be time to call your .

1. Is your mortgage product no longer competitive?

Ask yourself:

  • Does you interest rate sound higher than others?
  • Are you paying monthly repayments instead of fortnightly repayments?
  • Do you have an option to make extra repayments?
  • Are you aware of fees?
  • Have your financial circumstances changed since you first took out your loan?

Small changes to mortgage products like switching from 12 monthly to 26 fortnightly repayments, could help you pay off your loan faster and reduce interest over the course of your loan. For more advice on how you can pay less and take time off the term of your loan, get on side to help negotiate fees and advise you on offers that might be better suited to your circumstances.

2. Are you saving for an investment property, renovation or retirement?

  • Do you have a mortgage offset account?
  • Do you have facilities like redraw, flexible rate options and portability?

If you haven’t looked into a mortgage offset account yet, well, you should. A mortgage offset account is simply a savings account connected to your home loan; the more money you have in your offset account, the less interest you will pay on your home loan (sounds too good to be true, right? It’s not). Get your finance structured right and give yourself incentive to save and reduce your mortgage interest simultaneously.

3. Are you looking to consolidate your debts and simplify your repayments into a single, more manageable all-in-one repayment?

  • Do you have several debts, all with different fees and payment schedules?
  • Would one more manageable, monthly repayment take the pressure off?

Get a on side to help you determine if the cost of a new loan, inclusive of fees and interest, is less than the amount you are currently paying across your debts. They could save you stressful phone calls and visits to the doctor for those stress migraines ;)

If this checklist resonates with you, it might be time to tame the beast that is your home loan and book an appointment with one of our .

*Refinancing is subject to various lender imposed terms and conditions including but not limited to loan serviceability, valuations and confirmed capacity to service both any existing and revised lending arrangements.


As with any financial scenario there are risks involved. This information provides an overview or summary only and it should not be considered a comprehensive analysis. You should before acting in reliance upon this information seek independent professional lending or taxation advice as appropriate specific to your objectives, financial circumstances or needs.