When might it be time to refinance?

When might refinancing make sense?

Refinancing means replacing your existing home loan with a new one, either with your current lender or a different one. There are several reasons people consider this, though it's not always the right move.

Common reasons to consider refinancing

• A more competitive interest rate: Rates change over time, and the rate you signed up for may no longer be the most suitable option.
• Better loan features: You might want to access features such as an offset account, redraw facility, or the ability to make extra repayments.
• Accessing equity: If your property has increased in value, you may be able to access some of that equity for other purposes.
• Consolidating debts: Some people look to consolidate higher-interest debts into their home loan, though this can mean paying more interest over the longer term.
• Change in circumstances: A new job, growing family, or shift in financial priorities may prompt a review of your current arrangement.

Things to consider before refinancing

Refinancing isn't free. There are potential costs to be aware of, including:

• Discharge fees from your current lender
• Application or establishment fees with the new lender
• Valuation and settlement costs
• Break costs if you're on a fixed rate

It's important to weigh these costs against any potential savings to determine whether refinancing is worthwhile in your situation.

How we can help

We help you review your current loan, compare it against alternatives from our panel of lenders, and understand the potential costs and benefits. Our goal is to give you the information you need to make a well-informed decision, with no pressure either way.