Refinancing your home loan can often help you reduce the interest rate on your home loan. On a typical home loan refinance of $500,000, reducing the interest rate by 0.20% you could be saving as much as $1,000 each year. After a few years that could be an overseas holiday.
It is important to consider the goal you are looking to achieve. Do you wanted to reduce your interest rate, continuing to pay your loan off at the same rate? Alternatively, is your monthly repayment too high and do you need to reduce your monthly commitment?
The steps to follow when refinancing your home loan are:
Refinancing your home mortgage is a simple process. Once you have your new home loan approved, the new lender will arrange the discharge of your home loan from your current mortgage provider. The process will usually take a couple of weeks to be completed. You will receive a final statement from your former lender soon after the discharge has been finalised.
Refinancing your home loan is the process of moving your loan from one lender to another. Speaking with a mortgage broker will help you through the process. We have access to a wider range of different lenders and complete all the paperwork on your behalf.
The most common reason people refinance is to seek a lower fixed or variable interest rate. If you are unsure of your current interest rate or simply want to seek a second opinion, then it is worth speaking with a mortgage broker from Get a Better Rate.
The easiest way to consolidate debt it to use your home loan, either through increasing your loan with your current lender or refinancing your home loan to a new lender. Most lenders will allow you to consolidate up to 3 other loans.
Have a look at our refinance calculator to see what you could be saving and speak to us about how we might be able to save you money and pay your loan off sooner.