Home Loan Refinance Options

Home loan refinancing involves replacing your current mortgage with a new one, often with better terms and a lower interest rate. It’s a great way to reduce your repayment burden, save more, and maybe even shorten your loan term.

My Money House specialises in home loan refinance, bringing you a step closer to the most affordable mortgage options. Since 2010, we’ve helped countless homeowners refinance their mortgages through custom planning and guidance.

Do you know how well your current loan stacks up?

Things change, and chances are since you got your home loan, interest rates may have moved, and life has too.

Has the official cash rate changed since your current loan settled?

Has the rate your lender is charging you changed?

What about the fees and charges?

Chances are the market has changed too. New products designed to attract borrowers are always being introduced, and lending appetites are an ever moving feast.

Let’s not forget that things have probably changed in your life too since you took out the mortgage. Your income may have changed, and your expenses probably have too – your financial goals could also be different.

Even though most loans are around 30 years in length, you may be surprised to hear that Australians often change their home loan every 4-5 years as they refinance. Home loan refinancing is a chance to look at what’s out there and to check to see whether your current loan is still the right one for you. If it’s not, it may be time to refinance.

Why should you refinance?

Reviewing your home loan every year or two is a very good habit to get into. As the market and your circumstances change, the home loan that was just right for you then, may no longer be one that suits you now.

But when you want to refinance a home loan, think about:

1. Lower Rates and Fees

Obviously the first question to ask is could you be paying less? A loan with a lower interest rate or less fees can be the simplest way to reduce your repayments. It means you can unlock a little more spending money, or better still, pay off more of your principal to pay the loan back sooner.

2. More Features

But home loan refinancing is not all about interest rates. Sometimes the loans with the lowest rates also sacrifice features that are not only handy, but also save you money in the long run.

For example:

Offset Account: This is a separate account that lets you use the balance to offset the principal on which your interest is calculated. Simply having your pay packet deposited into this account can take time off your loan.
Flexible Payments: Paying some more money into the loan if you have it is a great way to shorten your loan and save more in the long run. This lets you easily access any extra funds you’ve deposited into your loan.
Flexible Rates: Depending on what you think rates are going to do (go up, down, or stay the same), you can choose the type of loan that could save you money when they go down, or protect you if they rise.

With a home loan refinance, you may be looking to save a bit of money, consolidating your debt or looking to unlock some equity you’ve built up in your home. Whatever the reasons, it’s a good idea to see what’s out there on a regular basis. But you should also bear in mind the long term costs of increasing your borrowings.

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Steps to Refinance a Home Loan

Typically, home loan refinancing involves several steps, including:

Reviewing Your Current Loan: Start by assessing your existing mortgage to determine if it still meets your needs. Our experts will help you evaluate your interest rate, fees, and loan features to learn how a home loan refinance can help you save more.
Comparing Home Loan Refinance Options: While a loan comparison calculator is a good start, our experts will help you thoroughly compare different home loan refinance options. This comparison often focuses on interest rates, repayment terms, and special offers (if any). We can connect you with different lenders, increasing your chances of finding a better option.
Apply for Refinance: Once you find a suitable home loan refinance option, we will help you apply for the mortgage. We will guide you through the process, help you gather the required documents, and make the application as smooth as possible.
Changing Your Loan: After your application is approved, your new lender will pay out your existing loan, and you’ll start making repayments on the new terms. If you face any issues or need help, we’ll be just a phone call away.

Get Expert Help for Home Loan Refinance in Australia

My Money House is here to help you refinance your mortgage quickly and efficiently. We’ve been doing this since 2010, helping homeowners explore various suitable options. Our experts can provide personalised refinancing advice to help you save more, pay less, and enjoy better repayment terms.

Get in touch with us today to learn more about our services.