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Home Loan Refinancing
Refinancing involves taking out a new home loan that better suits your financial situation. You should review your home loan at least every six month or any time that market conditions or your financial circumstances change. Not every lender reacts to RBA rate changes the same, so make sure you’re not getting the short stick when these are announced. Refinancing your home loan can help your financial position drastically, saving you thousands of dollars over the term of your loan.
For example, when interest rates drop, if you’re starting a family or personal circumstances. Interest rates in Australia are currently at record lows and there are some great home loan deals around.
The Problem
Home loans are long-term commitments. Standard home loan terms in Australia are 25 or 30 years. That means the home loan you took out a few years ago may no longer be the best one for your needs. And it could be costing you more money.
There’s a huge range of mortgage broker companies and new loan financial product options in the Australian market. But it’s a time-consuming process and confusing to research them all to find the best one for your current needs.
Why Choose Us
Our Wisebuy Solution
Our expert team at Wisebuy Home Loans can help you to review your home loan and is accredited with an Australian Credit Licence. We’ll work out if you can save money by either refinancing to a better deal or consolidating your high-interest debts into your lower-interest home loan.
We’re up-to-date with all the latest lender information and investment property loan products, so you don’t have to be. We provide professional advice and arrange loans for our clients for a living. Refinancing home loans is one of our specialties.
It’s important to understand that home loans are the cheapest form of finance with many lenders. If you have credit card debt or other personal loans at much higher interest rates, you can consolidate that debt into a refinanced home loan.
If you refinance your home loan you will not only save interest, it will also make your interest repayments easier to manage. Instead of having to juggle multiple regular repayments, you’ll only have to make ONE regular repayment to cover ALL your debt.
It’s also important to understand that even a slightly lower interest rate can save you thousands over the life of a home loan.
Contact us to arrange a free, no-obligation consultation. We’d be happy to answer any questions you have. Below are some of the most common questions we get from our Wisebuy Home Loans refinancing clients.
How Much Could I Save By Refinancing?
This depends on your income (including your potential tenant income), individual circumstances, and how much you can afford to repay. You can use our Wisebuy Home Loans borrowing power calculator to give you an idea of how much you may be able to borrow.
How Can I Compare Loans?
You can seek professional advice with our expert team for a detailed comparison, or you can use our Wisebuy Home Loans loan comparison calculator to give you an idea.
This depends on how much you borrow, your existing loan term and the comparison interest rate. If you want to lower your repayments, you can potentially extend your loan term You can use our Wisebuy Home Loans loan repayment calculator to help you work out your repayments of different loan amount options over different terms and at different interest rates.
Refinancing FAQs
Can I get a cheaper home loan than the one I have now?
It depends on what interest rate you’re currently paying, as well as the type of home loan you have. You might be eligible for a home loan with a lower interest rate and cheaper repayments.
Most importantly, it costs nothing to ask. If you haven’t checked in the last six months, it’s worth doing now.
There’s no harm in using our online calculator to see how much money you could be saving through refinancing.
You could also extend your loan term to make your repayments more affordable. However, it’s important to understand that you’ll pay more interest in the long run if you do that. But it’s better to do that than to lose your house if you’re having any financial difficulty.
Can I consolidate other debts when refinancing?
One of the main reasons people choose to refinance is the opportunity to consolidate their debts. This is because home loan interest rates are much lower than other forms of debt like credit card or personal loans.
If you have enough equity in your property, you may be able to refinance all your debts into a lower-rate home loan.
Are there any extra costs involved when switching mortgages?
We can help make refinancing a fairly simple process, but it does involve some upfront costs.
These costs can vary from person to person and will depend on your current home loan. It will also depend on whether you want to refinance with your existing lender or a different one.
Common costs include a mortgage application fee, property valuation fee, settlement fees and a discharge fee once you terminate your current mortgage.
However, many lenders will be prepared to negotiate on fees, especially if you have a good credit history. If you switch to a new lender, they often have incentives to bring down or completely cover these costs.
Will refinancing my home loan affect my credit rating?
Refinancing is seen as a credit application, so it does affect your credit rating. If you have a bad credit score, it will increase your chances of having your application rejected.
How long does the refinancing process take?
The standard process generally takes between two to four weeks. It largely depends on the size of your property and your financial circumstances.
If you choose to fast-track your refinancing process, it may be completed within a few days.
