Refinancing involves switching your existing home loan to a new lender or renegotiating terms with your current lender. Done at the right time, it can save you thousands in interest and unlock better loan features.
Signs It Might Be Time
Your fixed rate period is ending and revert rates are significantly higher than current market rates.
You've built substantial equity and could qualify for a lower LVR tier with better pricing.
You want to access features like an offset account, redraw facility, or split loan structure that your current loan doesn't offer.
Your financial situation has changed — perhaps you've received a pay rise, paid down other debts, or need to consolidate.
Costs to Consider
Before refinancing, weigh up any exit fees, break costs on fixed rates, and application fees with the potential savings. A broker can run a cost-benefit analysis to ensure refinancing makes financial sense for your situation.
This article is for general information only and does not constitute personal financial advice. Please speak with a qualified finance professional before making decisions based on this content.