Refinance
Refinancing Your Home Loan
Our financial goals can change over time due to changing personal circumstances. This usually prompts most borrowers to reevaluate their current home loan to secure a better deal or access additional loan features that have now become available.
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Our financial goals can change over time due to changing personal circumstances. This usually prompts most borrowers to reevaluate their current home loan to secure a better deal or access additional loan features that have now become available.
Comparing different home loans is a good way to see other deals in the market. If you are able to find another loan that matches your current needs, you can consider refinancing.
What is refinancing?
Refinancing is taking a new mortgage loan to replace an existing one, with another lender who is able to offer you a deal that suits your current situation better.
Should you refinance your home loan?
There are several reasons why people decide to refinance their home loan:
Depending on your current financial circumstances, you may be able to make larger repayments each month, and you might have a better credit score which can mean lower interest rates. Refinancing a home loan helps you take advantage of these changes.
Home loans often come with different add-on features. For example, a redraw facility allows you to access extra payments that you’ve made on your loan. If you paid an extra $1,000 over a year towards your home loan, then you could access it in the future if you need extra cash. If you think this would be useful but your current lender doesn’t offer it, then refinancing can help you switch to a lender that does.
If you’re looking to consolidate your debts, then you can refinance them into your home loan to make them easier to manage. This is great for consolidating personal loans, credit cards, and even car loans.
Equity is the difference between your property value and how much you owe on your home loan. By refinancing your home, you could access your home equity to pay for an emergency expense or fund another investment project.
What to consider before refinancing
There are a couple of factors to consider before you decide to refinance.

- How much money can you actually save? It’s important to use a savings calculator to help you decide if it’s worth refinancing your home loan.
- Are there any costs associated with exiting your current home loan? You may have settlement fees or exit charges that can affect the value you expect from refinancing your home loan.
- Do the long-term benefits outweigh any short-term costs involved? If not, then you may want to reconsider refinancing.
- Is now a good time to refinance? You may be able to get lower rates with a higher credit score, or it may be best to look at refinancing if you’re coming towards the end of a fixed-rate term.
Securing low rates
Working with a trusted mortgage broker is one of the best ways to secure lower interest rates. Access their knowledge of a wide range of mortgage products in the market and leverage on their experience in spotting the best rate that can offer you the most savings.
Cashback offers
Some lenders also offer home loan refinancing with a cashback incentive. While this can be enticing, it’s important not to overlook the long-term benefits of refinancing with a particular lender and not just the short-term gains.
Get expert refinancing advice from Lendstreet

Maximise the benefits of refinancing by working with Lendstreet, your trusted mortgage broker. Aside from finding a loan with a lower rate and shortening your loan term, we can help you unlock other features that can make repayments and owning a home easier, faster, minus the stress.
To help you get an idea of how much you could save, our refinance calculator can give you an estimation based on your remaining loan amount, term, and interest rate. For more information about refinancing your home loan, call 1300 317 042 or schedule an appointment with one of our Senior Mortgage Brokers.
Do you know the difference between split loans, fixed loans, and variable loans? You might want to check our article to know more. Read it here
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