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Step 1 - Refinance 1/4
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Is refinancing right for me?

When refinancing COULD make sense:

  • Your current lender's rate is no longer competitive
  • Your financial situation has changed
  • You're in need of a large sum of extra money
  • You want to switch to a fixed rate at the right time
  • You've started accumulating other considerable debt, and you're looking to consolidate

When refinancing might NOT make sense

  • You won't own the property for much longer
  • Prepayments such as break-fee, discharge fees and other cost such as establishment fees and registration fee.
  • Since your previous loan, your credit history has taken a hit due to outstanding debts, which will lessen the likelihood of you getting a good rate
  • You don't have a reliable source of income over the period of the loan (e.g. you're freelancing)

The true cost of refinancing:

Home loan refinance will vary depending on your individual circumstances which can vary from $500 to over $1,000.

Fee's that would be charged by your current lender

  • A discharge fee, anywhere up to $400
  • Registration fees
i

Debt consolidation helps you manage your finances better by bringing all your debts (such as credit cards, personal loan, car loans and other debts) into one consolidated new debt. This can help you manage your repayments so you don't lose track of them.

Why would you consolidate?

There's potential to lower your interest rate

  • It's easier to manage one repayment instead of multiple repayments
  • It could reduce the change of defaulting on repayments which can result in incurring additional fees or higher interest rates
  • Basically, it's easier to manage and you're less likely to accrue additional debt
i

Borrowers usually refinance to cash out equity when they need cash for considerable extra purchases. Some examples of reasons to cash out for equity include:

  • Looking to undergo cosmetic renovations to a property
  • Looking to purchase a car
  • Looking to purchase a holiday
  • Looking to fund a loan for a new property
i

Different lenders will launch campaigns from time to time, offering market leading rates. This gives you the opportunity to refinance your loan at a sharper rate, in turn reducing your interest cost. Whilst refinancing has the potential to put money back in your pocket, the loan interest rate should never be the only factor to consider when choosing a home loan.

What else should I consider?

  • The overall cost of switching to a new home loan
  • What features could be lost from your current loan, by switching to a new one.
i

Refinancing your home loan gives you the following benefits:

  • Reset your term loan
  • Sharpen your rates
  • Access to other product features, such as an offset which helps reduce your interest repayments.
i

Some borrowers will switch between variable & fixed rates for their home loans, due to their pro's and con's. Some pro's and con's of each are below:

Fixed Rate Home Loan

Pro's

  • Makes budgeting easier
  • Rate rises won't affect you

Con's

  • Rate drops won't apply to you
  • Limits on extra repayments
  • Break Fee's

Variable Rate Home Loan

Pro's

  • You can make extra repayments
  • You will have access to more features
  • It's easier to switch loans

Con's

  • It makes budgeting more difficult
  • It can add mortgage stress

For more information on Fixed vs Variable home loans, visit https://www.moneysmart.gov.au/borrowing-and-credit/home-loans/fixed-vs-variable-home-loans

i

A basic home loan can suit you when you first have a mortgage, as it allows you to concentrate on making repayments without being distracted or being charged additional fee's with other complex features.
i

Refinancing for renovation only relates to non structural home improvements. Why you would refinance for renovation:

  • To access the equity in your property to fund the renovation. If your home is valued at a higher amount than what you owe on the loan, you can refinance your loan to access that equity, while drawing down on the amount you need to pay towards your loan each month
  • Your existing home loan might not offer construction options. If you're looking to make extensive home renovations, and require/desire a drawdown facility to minimise costs when building, a construction loan can be an alternative. Not all home loans offer construction loans, so You will need to refinance to one which does.
iBorrowers take out home equity loans to be able to borrow additional funds from the lender. This uses your home loan as collateral and is also known as a line of credit.
Select at least one to refinance.
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Loan 1

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Loan 2

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Loan 3

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Loan 4

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Loan 5

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Personal Details i

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Applicant 1

Having a regular source of income is a must! Lenders will need to see consistent & steady employment either as self-employed or as an employee where you are paid regularly.
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(Do not include your superannuation)
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Bonuses/Commissions amount and frequency are required.

Applicant 2

Having a regular source of income is a must! Lenders will need to see consistent & steady employment either as self-employed or as an employee where you are paid regularly.
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(Do not include your superannuation)
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Bonuses/Commissions amount and frequency are required.

Assets Details iLenders likes to see a healthy savings and other assets. This adds strength to your application so be sure to include everything

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Property 1

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Property 2

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Property 3

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Property 4

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Property 5

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Property 6

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Property 7

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Property 8

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Property 9

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Property 10

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Liabilities Details iIt is important to let the lender know if you have any existing debts. This helps them decide if you fit into their credit policy for a home loan.

Applicant 1

PERSONAL LOAN
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Bank
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CREDIT CARD 1
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CAR LOAN
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Applicant 2

PERSONAL LOAN
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Bank
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CREDIT CARD 1
Limit
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Outstanding Balance
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Bank
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Credit Card Issuer
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CREDIT CARD 2 (remove)
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Bank
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CREDIT CARD 3 (remove)
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Bank
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CREDIT CARD 4 (remove)
Limit
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Bank
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Credit Card Issuer
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CREDIT CARD 5 (remove)
Limit
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Outstanding Balance
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Bank
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Credit Card Issuer
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CREDIT CARD 6 (remove)
Limit
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Outstanding Balance
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Bank
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Credit Card Issuer
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Add Card
CAR LOAN
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Bank
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Living Expense (Monthly)

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Goals & Contact Details

iA redraw facility allows you to make extra repayments into your loan. This helps reduce your interest calculated on your home loan balance while allowing you to withdraw at a later date.
iAn offset account is a transaction or savings account linked to your home loan. Similar to a redraw facility, it is used to reduce your interest calculated but more flexible because you can deposit your salary directly into the account or even set up direct debits.
iThis can help speed up paying your home loan off by paying more than minimum loan amount. Any excess will sit in the redraw facility
iPrincipal and interest loan requires you to pay off part of the principal (the amount you borrowed) loan amount as well as cover the interest repayments.
iInterest only repayments are designed for those who don’t want to pay off the principal amount of the loan and only pay interest on the loan. This type of repayment is common for investors
iFixed interest rate means your interest stays the same over a period of time. Usually a fixed rate will last for a term of 1-5 years or sometimes more depending on the lender. Shifts in the interest rate market won’t affect your interest rate during this time.
iA variable rate home loan is one where the interest rate can go up or down over the course of your loan. The rate is determined by your lender and not the Reserve Bank of Australia although most lenders do broadly follow the general directions of the market. Standard variable are typically more flexible than Fixed Rate loans
iAn online banking is a platform that allows you to perform your banking activities online via the internet.
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Owner Occupied Loan Comparison

The chart below shows the total owing of $.

Our rate is compared against the total amount of loans selected to refinance.*
Today
Years

Total Savings$0

  • Interest Rate 0%
  • Loan Term 0 Years
  • Fees $0/0
  • Loan Type
  • Interest Only Repayment interest only ( years) $0
  • Monthly Repayments principal & interest ( years) $0
  • Total Repayments $0
  • Lenders

Interest savings are indicative only and may not take into account other fees and interest savings benefits such as offset account or redraw facility.

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Investment Loans

The chart below shows the total owing of $.

Our rate is compared against the total amount of loans selected to refinance.*
Today
Years

Total Savings$0

  • Interest Rate 0%
  • Loan Term 0 Years
  • Fees $0/0
  • Loan Type
  • Interest Only Repayment interest only ( years) $0
  • Monthly Repayments principal & interest ( years) $0
  • Total Repayments $0
  • Lender

Interest savings are indicative only and may not take into account other fees and interest savings benefits such as offset account or redraw facility.

Qualify for this rate

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Loan Comparison

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