Refinancing your home loan

Your home is one of the largest investments you will ever make; negotiating the best price for your home loan can save you tens of thousands of dollars over 30 years. Refinancing your home loan is often the best way to reduce the interest you pay on your home loan.

Why refinance?

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.

What do I need to consider?

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?

How do you refinance your home loan?

The steps to follow when refinancing your home loan are:
1. Consider your goals, are you looking for a lower interest rate or are you monthly repayments current too high?
2. Now you are ready to compare the market using our home loan comparison calculator.
3. Finally you are ready to speak with a mortgage broker from Get a Better Rate.

How does refinancing a home mortgage work?

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 dischange has been finalised.

What does it mean when you refinance your home?

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 paper work on your bahalf.

When should you refinance a home?

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.

How do you consolidate your debt?

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.

What is the next step?

Have a look at our comparison 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.