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 by AB+F Magazine.