What offers are currently available?
Up to $2k cash back!
Our expert mortgage brokers can refinance eligible home loans with up to $2k cash back. Quick, simple, and easy; leave the hard work to us and we will find the right option for you and organise your refinance cashback ASAP.
We can get refinance home loan rates with special offers if you are borrowing 80% or less of your property's value on an owner occupier, principle and interest home loan.
Should I refinance my home loan?
Now is a great time to refinance for many. However, as with any loan, you need to research the product first before applying for it. Compare it with other refinance home loans to discover what other options you have. Compared to your first mortgage, refinancing will typically be more straightforward.
Getting a mortgage refinance, when done correctly, can be a smart way for you to manage your finances. When you have the chance to secure a better deal, refinancing your home loan can be a good choice for your situation. It can also help you consolidate your debt. You can also use the borrowed money to gain equity in your existing property.
When you look for a refinancing option, your goal should be to decrease the loan –or at least keep it to the same amount. However, you can also use it to increase your loan, which can be utilised for consolidating more debts.
What does 'refinance' mean?
Refinancing is essentially when you take out a new loan to pay for a loan that you already have.
There are a few reasons why you might consider refinancing, including:
- Your financial situation has changed.
- You have another loan that is approaching its deadline.
- Your mortgage broker informs you of a great deal that you do not want to miss.
- You want to change your variable-rate loan to a fixed-rate loan.
You can refinance with the same lender, but you can also switch providers if there is a better deal on the market.
Why refinance a home loan?
Lower monthly repayments
When you refinance, you may be able to secure a lower interest rate on your mortgage. A lower interest rate means lower monthly payments, which can help free up cash flow for other expenses or investments. What’s not to love about that?
Reduce your loan term
If you refinance your current 30-year loan to a 15-year loan, your monthly payments will increase but you will pay off your loan much sooner. This means you will pay less interest over the life of the loan and own your home a lot sooner.
Pay your mortgage off sooner
Refinancing to a lower interest rate can also shorten the life of your loan. This means you will pay less interest over the life of the loan, and therefore be able to pay off your mortgage sooner, owning your home outright.
Consolidate your debt
If you have credit card debt or other loans, you can use the equity in your home to refinance and consolidate this debt into one manageable loan. This can not only lower your monthly payments but also save you money on interest over time.
Increase cash flow
If you have built up significant equity in your home, you may be able to refinance and take some cash out or even access a cashback offer. This cash can be used to make home improvements, renovate, paying off other debt, or other expenses/projects you may have!
How to refinance a home loan