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Whether it’s getting a better interest rate, lower repayments, buying an investment property or finally doing that renovation you’ve always wanted; refinancing could be the solution you’ve been seeking.

Refinancing a mortgage in essence is the transaction that occurs when an existing loan is paid down and is replaced with a new one. There are many common reasons why homeowners refinance, such as:

  • A changed financial circumstance to the initial loan application
  • To obtain a lower interest rate
  • Dissatisfaction with current lender
  • Intent to convert from a variable to a fixed rate (or vice versa)
  • An opportunity to access current home equity to finance other purchases and/or the desire to consolidate

Benefits of Refinancing

Lower rate
Interest rates over the standard life of a home loan can amount to a significant expense to a home owner. So by reducing the interest payable, by way of obtaining a lower interest rate product, you’ll naturally have benefits such as paying more towards the principal and ultimately bringing you closer to owning your home quicker.

More flexibility with more loan features
When assessing your current home loan, it is important to ensure that the home loan features also suit your lifestyle and financial objectives. We all know home loan products are varied in their pricing but having the right complementary home loan features can also make a positive impact to help reach your financial objectives. For example, a redraw facility allows extra repayments and the option for redraw in the future should the borrower wish to access the surplus monies for a holiday or purchase of motor vehicle. Refinancing into a loan product that has the right product feature to suit your lifestyle can mean huge savings in fees and the flexibility in managing your finances.

Helping fund your renovation
Commonly, home owners wishing to upsize or relocate in a challenging property market will look to an alternative solution to their housing requirements, that is home renovation.

The key to renovation projects is good planning and a realistic budget. Speaking to the right specialists such as lawyers, council administration, builders, architects, interior designers and of course mortgage brokers will help you to understand the full scope and cost of the project to be undertaken. Once the costing of the project is known it is much easier to work out how much you need to borrow and the type of features you’ll need in your home loan. There are multiple methods in funding renovation projects such as a line of credit or even simply an increase to your existing home loan.

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