5 benefits of refinancing

Published 17 September 2020

Thankfully, refinancing doesn’t have to be a daunting process, in fact you may find it surprisingly effortless as your Mortgage Choice broker does most of the legwork for you and provides you with the expert advice you need along the way. 

Check out our 5 benefits of refinancing below and for more information on refinancing and what benefits might be available to you, contact your local Mortgage Choice broker or simply fill out the form to fast track your home loan health enquiry today. 

Benefits of refinancing

1 Save money

In the current environment, no home owner can afford to just assume their loan offers good value. If you’ve had your loan for a few years, chances are, there could be scope for you to save. By securing a cheaper interest rate and lowering your monthly repayment, you could be entitled to more savings than you realise. Curious? Here’s how one of our local Mortgage Choice brokers helped this family to save $1,000 a month!

2 Pay off your mortgage sooner

By refinancing to a better rate, you’re reducing your overall interest payable and, therefore, your total home loan balance. It's worth realising it doesn't have to take 25 or 30 years to pay off a home. Here are some top tips you’ll want to read that could just help you become mortgage-free ahead of time.

3 Equity to fund purchases or lifestyle goals.

Refinancing is often used to free up the equity you have in your current home in order to fund purchases or lifestyle goals. Having access to equity, for example, could help you buy an investment property, renovate, build and more. How much equity you can use will vary between lenders, which is why having a home loan expert on your side could make all the difference when it comes to doing the legwork. Find out more about accessing your home's equity.

5 Bring on better loan features

Many Australian homeowners may have home loans that do not fit their purpose or have “bells and whistles” that aren’t being used effectively. Having the right facilities could save you big time in the long run, so it's worth getting expert advice when it comes to understanding the different loan features available and how you could benefit. Read more in our loan features wish list.