Refinancing FAQs

Common questions for those thinking of refinancing

Can I get a mortgage where I pay less than I’m paying now?
Now is always a great time to shop around or check that you have the right loan for your needs. We’re a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.

Can I consolidate credit card or other debts into a home loan?
This is one of the reasons some people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt in a home loan. If you take this option though it is important to make sure you maintain your repayments of the debt that you consolidate at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.

How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate of how much you may be able to borrow (subject to satisfying legal and lender requirements) with our clever loan options tool. Chat to us when you’re ready, we can help with calculations based on your circumstances.

How do I choose a loan that’s right for me?
Our guides to loan types and features (links) will help you learn about the main options available.

How often do I make home loan repayments — weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. Consider asking for weekly or fortnightly repayments, instead of monthly, as you would make more payments in a year, which will shave dollars and time off your loan.

What fees/costs are involved in switching mortgages?
You’ll need to consider whether penalty fees would apply if you pay off your current mortgage early. But these may be offset by repayment savings when you switch home loans. We can walk you through the fees that could apply in your circumstances and how to obtain the information that you need from your current lender.

Ready for the next step?

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