A shift in circumstances may mean it is time to revisit your home finances. For many, the idea of refinancing a mortgage can be daunting. Fees and fixed versus variable interest rates need to be considered.
The right refinanced loan might help you to pay off your mortgage faster and for less, clear unhealthy debt, or upgrade and add value your home. All of which are steps in the right direction.
Our tools and calculators make it easy to work out how much you can borrow based on your income and expenses, estimate your home loan repayments, and work out how to repay your loan faster.
Estimate your home loan repayments and work out how to repay it faster.
Use your details to estimate how much you could borrow.
There are a lot of questions to ask when it comes to refinancing, so we’ve put together a handy refinancing FAQs guide to help you get some clarity.
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.
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.
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 borrowing power calculator. Chat to us when you’re ready, we can help with calculations based on your circumstances.
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.
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.
We offer our loans exclusively through experienced AFG brokers via our broker network, making sure you receive a loan that meets your individual needs.