How it works
At Mortgage Choice, we want to help you make better choices with your finances so you can enjoy the things in life that matter to you.
To do this, we need to understand a little more about your individual needs and circumstances. The Solution Finder enables you to let us know what information you are seeking - which should make for a faster, more efficient search for you.
Simply select what you are looking to do from the first drop down menu - whether that is buying your first home or sorting out your insurances.
Then, select the stage you are at - whether you have just started out with your research or you are already well into the process.
Clicking on 'Get started' will then send you off to a page of content which is directly related to the information you need.
However, if it doesn't quite suit your needs, or you are looking for something completely different, just contact us on 13 77 62 - we are here and ready to help.
Refinancing lets you change your home loan to suit your new circumstances. Mortgage Choice recommends an annual Home Loan Health Check by your local Mortgage Choice expert to assess whether the original home loan you chose is still the most suitable option for you.
When you take out a new home loan, you use some or all of the funds to pay out your existing loan. The new loan often comes from a different lender, but many people refinance with the lender they've been using for years. If you move to a new lender, that lender will take care of paying out your existing loan.
Home loan refinancing may be used for different reasons including:
- Renovating your home or other home improvements such as a pool.
- Paying off your debts such as credit cards by rolling them into your home loan.
- Obtaining a cheaper rate, even if it means giving up a few loan features.
- To raise cash for a purchase such as a car.
- You want to switch from a variable rate to a fixed rate, perhaps because you can want to reduce the risk of higher repayments.
Refinancing can be a smart way to manage your money.
Here are a few ways in which you may benefit from refinancing.
- Peace of mind - a fixed rate can mean knowing what your repayments will be each month
- Reduce your monthly repayments through access to a lower interest rate
- Potential to pay off your loan faster through more flexibility
- Reduce your monthly repayments overall by consolidating credit cards, personal loans or other debts into a lower rate loan
- Free up some extra cash to finance a renovation or purchase an investment property by unlocking equity in your current property
Your local Mortgage Choice broker can step you through the process and work out how much equity you have to help you with making a decision.
When the Reserve Bank of Australia (RBA) raises its interest rates, banks and other lenders usually follow suit by increasing your mortgage repayments. Refinancing your home loan from a variable to a fixed rate can provide certainty with your repayments.
Your local Mortgage Choice broker can perform a free Home Loan Health Check to see if your current home loan is still the most suitable option for you after an interest rate rise.
When done properly under the right circumstances, loan refinancing can be very beneficial. However, there are drawbacks involved - namely the cost.
The reasons for refinancing should be legitimate and the calculations need to be run to ensure the long term savings outweigh the short-term costs.
Snap & Save
Does your home loan interest rate start with a 3? If you answered no, you might be paying too much. Snap a picture of your recent loan statement and we’ll help you determine if you’re still in the right product.