5 min read | 15 Aug 2019
Refinancing your home loan means to take out a new home loan that repays and replaces your existing one. You can refinance with your current lender or switch to a different lender altogether.
It's a good idea to review your home loan especially if you haven't looked at it for a while. Refinancing could save you a whole lot of money.
Market conditions are constantly changing and this could mean interest rate changes, new lenders in the market and new home loan products or features. If you have had a home loan for a few years, it's likely your rate isn't as good as it could be or there are a range of new lenders you may not be aware of.
It's a good idea to check your home loan on a regular basis as you could get a better deal by refinancing.
Why wouldn't you is more the point!
Most people refinance because they can get a better interest rate and lower their repayments. However, there are a whole bunch of other reasons to refinance including:
To lower your interest rate and repayments
Your fixed or interest only loan term ends and want to reset to a better deal
To tap into your loan equity and pull out some cash
Your life or borrowing situation changes
You're sick of paying fees
You want a product or feature not offered by your current lender
You wanna line your pockets, not the banks
And find a lender who cares about you, not about their bottom line
We've made switching easy. Our intuitive, cutting edge & time saving technology can get you saving a whole lot faster. Follow our checklist below and you could get started on your application in no time.
Find out how much you are paying on your current home loan.
Check how much it would cost to exit your current loan and ignore the tiny rate reduction your current lender offers you to stay.
Compare home loans and check how much you could be saving.
Look at the costs of moving to the new lender. PS. We don't charge you fees!
Apply for your new home loan. Our application takes as little as 15 minutes to complete!
Exit your old loan.
Before you jump in, we just want to flag a few things… if you're locked into a fixed rate term you may have to pay break costs to get out of it. Check your bank's fine print. And if you switch to a loan term much longer than the term remaining on your current loan, you could end up paying more interest, even with our s#it-hot rate.
If you've already checked all these things, what are you waiting for?