What Exactly is Refinancing?
Referred by some as ‘loan switching’, refinancing is basically a process of paying out your current home loan by taking out a new loan. This can be done with a new loan from your existing lender or through a different lender.
Every year, thousands of Australians refinance their home loans. Home loan refinancing can help you to:
- Get a lower interest rate, so you can pay off your loan faster
- Make your loan repayments more affordable
- Consolidate all your high-interest debts to make them easier to manage
- Afford home renovations
- Buy an investment property or other asset using the equity you’ve built up in your home
- Switch from a variable interest rate to a fixed rate, or vice versa.
- Get access to additional loan features, such as redraw facilities or offset accounts.
- Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
- Subject to Lender’s lending criteria
- Principle and Interest repayment and loans up to 80% LVR for owner-occupied properties only
- Minimum loan amount $350,000.00
- $2000.00 cashback is available for new refinance principal and interest applications submitted by 31 July 2020 and settled by 18 September 2020