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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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.
Refinancing can save you money but there are costs involved. You need to weigh up these costs against the benefits of refinancing.
An important step in refinancing is determining how much you can afford to borrow.
Here we look at the sorts of loans available and how they work.
The process of refinancing can be quite straightforward. There are five key steps:
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.
There are no hard and fast rules about the 'right' time to refinance your loan.
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.
Aussie does not provide any financial or investment advice. This document has been prepared as a factual guide only. It does not take account of your objectives, financial situation or needs. Aussie recommends that you seek independent financial advice and obtain your own professional legal and taxation advice before making an investment decision.