There can be some fantastic benefits in refinancing your home loan - just make sure you also weigh up the different expenses outlined below that can be involved in the transfer to make sure it’s the right choice for you.
Quick answers: what's involved in refinancing a home loan?
Replacing your current home loan with a new one
Receiving additional or better features
Exit fees and borrowing costs to consider
Offering savings on interest
Learn Why and How to Refinance
Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender.
With the lowest rates ever in the market, now is a great time to assess your home loan to ensure it's the right one for you.
Our top five interest rates available
Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.
Why refinancing a home loan can be a sensible step
Depending on your circumstances, not all of these will apply. It’s worth having a chat with a Mortgage Choice broker to explore the costs involved with your individual situation, and balance these with any potential cost savings of switching home loans.
Understand the costs to refinance
Get answers to all your refinancing questions in 60 seconds with our Mortgage Minutes!!
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Refinance cashback offers
Refinance your home loan and you could be eligible for up to $4,000^ cashback**.
What is home equity?
If you own your home chances are you've built up some equity. You can borrow against equity to buy an investment property, renovate or achieve other goals.
Is it time to refinance checklist
Download our checklist to understand if it's time for you to review your home loan.
Spend 5 minutes answering questions about your financial situation and we'll give you a break down of how much you could save if you refinance.
Use our free home loan quote to review your situation today.