Refinance Your Loan
What and Why?
Refinancing simply means shifting your loan from one lender to another. You might do this to take advantage of a better interest rate or longer loan term, or to access a desirable feature your existing home loan doesn’t offer.
The main reasons
for choosing to refinance
- To get better rate or deal
- To facilitate home renovations
- To consolidate existing debts
- To buy or build a new home
Secure a Cheapest
Secure a lower interest rate and reduce monthly repayments. However, refinancing can come with some costs, so it's essential to weigh up the savings of refinancing against the expense involved..
Switch to variable or fixed rates
If you’d prefer the certainty that repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Conversely, you may decide you'd like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.
In Your Home
Your home is likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals. Find out more about accessing your home's equity.
Access additional home loan features
Making extra repayments at no additional cost to help pay off the loan sooner.
A break from repayments or reduced repayments to cover career changes or breaks e.g. maternity leave.
The ability to take your loan with you when you move from one home to another.
Enabling you to withdraw any additional repayments you have made on your loan. Handy if you need cash in an emergency.
Flexible rate options
Dividing your rate between fixed and variable components, or even making interest-only payments for a period.
Having a savings or transaction account linked to your loan. The balance of the linked account is deducted from, or offset against, the balance of your loan when the monthly interest charge is calculated.
When can you get a refinance loan and how?
With the government ban on exit fees now in full swing, competition between lenders for your refinancing business is stiff. FINANCE PROFESSOR will negotiate with lenders to improve your financial position and get you the best available options.