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.
There are costs involved with refinancing so you need to weigh up the short term cost against the long term gain.
Consolidating your debts into one loan is a popular reason for refinancing but it's important to pay off your new loan as quickly as possible to reduce the overall interest cost.
The process of refinancing is quite straightforward and you won't need to provide proof of savings.
With a wide choice of loans available you need to consider the type of loan that suits you best.
Have a clear idea of the costs and features a loan provides before you commit to it.
The Aussie website has several useful calculators to help you decide whether refinancing is right for you. You may find it useful to take a look through our calculators before speaking with an expert Aussie Mortgage Broker.
- Borrowing Calculator – shows how much you may be able to borrow based on your salary and living costs
- Loan Repayment Calculator – shows the monthly principal and interest repayments and total interest cost for the home loan size of your choice
- Stamp Duty Calculator – find out the mortgage duty and/or transfer fees that apply for your area
- Budget Planner Tool – a great tool to manage your money and work out where you can trim spending to free up cash for additional loan payments
Return to the Home Loan Refinancing Guide home page.