Everything you need to know about refinancing your home loan
Refinancing your home loan can provide a valuable opportunity to save money, access improved loan features or tap into home equity.
But it’s a big step and it’s worth knowing what’s involved.
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In this guide:
- Reasons to refinance your home loan
Refinancing simply means taking out a new loan to pay out your current mortgage. There is a whole range of reasons why it's worth making the
move to a new home loan.
- The cost of refinancing
Refinancing can save you money but there are costs involved. You need to weigh up these costs against the benefits of refinancing.
- How much can you borrow?
An important step in refinancing is determining how much you can afford to borrow.
- The home loan that's right for you
Here we look at the sorts of loans available and how they work.
- Refinancing - Aussie makes it easy
The process of refinancing can be quite straightforward. There are five key steps:
- Questions to ask
Before you sign a loan contract, you should have a clear idea about the costs of the loan and the features
it offers. Here are some questions to ask your Aussie Mortgage Broker or lender before you pick up a pen.
- The right time to refinance
There are no hard and fast rules about the 'right' time to refinance your loan.
- Summing up
Refinancing can offer plenty of pluses, potentially providing a lower home loan rate, access to home equity or a loan with features better suited to your needs.
¹Aussie awarded Mortgage Broker of the Year in 2008, 2009, 2010, 2011, 2012 & 2013 by AB+F Magazine.
## Rates valid as of 08/10/13 and are subject to change or we may introduce new ones in the future. Approved customers only. All applications are subject to lending and approval criteria. Terms, conditions, fees and charges apply. Interest rate offered will depend on our assessment criteria.
** The comparison rate is based on an unsecured personal loan of $30,000 over 5 yrs. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Any information is general and not based on any consideration of your objectives, financial situation or needs.