Refinancing refers to the process of paying out your current home loan by taking out a new loan, either with your existing lender or through a different lender.

We can help you conduct a free Home Loan Health Check to assess whether the original home loan you chose still aligns with your circumstances and financial goals.

If you've been servicing your home loan for several years, you might have accumulated equity that can be tapped into. People refinance their home loans for various reasons, including:

• Upgrading your home or adding features like a swimming pool.
• Consolidating debts such as credit card balances into your mortgage.
• Securing a lower interest rate, even at the cost of losing some loan features.
• Generating funds for significant purchases, such as a car.
• Switching from a variable rate to a fixed rate to minimize the risk of increased payments.

Refinancing may help by reducing your home loan repayments or freeing up some cash to renovate or purchase an investment property.

Here are several advantages you might enjoy from refinancing:

• Peace of mind: Securing a fixed rate can stabilize your monthly repayments.
• Lower monthly repayments: Gain access to lower interest rates.
• Increased flexibility: This could allow you to pay off your loan quicker.
• Debt consolidation: Combine credit cards, personal loans, and other debts into a loan with a lower interest rate to reduce overall monthly repayments.
• Access extra funds: Unlock equity in your property to fund a renovation or buy an investment property.

Our team can step you through the process and work out how much equity you have to help you with making a decision.

When the Reserve Bank of Australia (RBA) raises interest rates, banks and other lenders typically increase mortgage repayments. Refinancing from a variable to a fixed rate can stabilize your repayments.

Contact us today for a free Home Loan Health Check to determine if your current mortgage remains suitable after a rate hike.

Refinancing your home loan can lower interest rates, reduce payments, and consolidate debt, offering access to equity for big expenses and the flexibility to switch rate types.

It's beneficial when the long-term savings outweigh initial costs, but it's essential to carefully assess if the financial advantages justify the expenses involved.

You can refinance your home loan with Mortgage Choice with most of the paperwork and application process done by us at no charge to you (because the lender pays us).

Simply contact us and we will help you find the refinance option right for you.

Refinancing mirrors the original loan application process and typically takes 4-8 weeks. However, individual circumstances vary, and some lenders offer “FASTRefi®”, which can expedite the process.

This product uses title insurance to enable the new lender to pay off your loan swiftly without waiting for the existing lender to process the discharge.