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How to Refinance Your Home Loan

The first thing to do is to look at your current loan and review the type of loan it is, the interest rate, the features it offers, and any fees you’re paying. Identify the things you would like to improve with a new loan. For example, maybe you want to pair your fixed-rate with an offset facility? Or maybe you want to change from a fixed to a variable rate?

Next, do your sums to calculate how much you’ll gain from refinancing. Our refinance calculator can help to determine your monthly savings if you refinanced with Tiimely Home.

Note: Every lender has their own set of fees for refinancing.
Expect to pay ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) plus ‘opening your new loan fees’ (government fees, third party fees). Then divide the monthly savings by your total closing costs to see out how many months it would take to break even.

Once you’ve decided if it's worth it to pursue refinancing, shop around for the best rates and features to find a home loan that suits your needs. When you’ve chosen your new lender, you can apply.

How long will the process take?
Every lender is different however with Tiimely Home, to refinance your home loan through our online application will take you about 15 minutes to complete.

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Important information about rates
*Tiimely Own products are subject to loan-to-value ratio (LVR) requirements, eligibility and credit criteria and terms and conditions. Rates apply to new Tiimely Home customers only and are subject to change without notice.

**The rates shown for products available from panel lenders via Tiimely Home brokers are current based on information from panel lenders and are subject to change without notice. The home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product and the product may not include all the features relevant to you. All applications are subject to lender assessment and approval, and eligibility requirements and terms and conditions apply.

^Comparison rates are based on a loan amount of $150,000 over a 25-year term. They factor in fees associated with applying for the loan, ongoing fees and fees associated with leaving the loan. Tiimely Own fixed loans roll to a variable principal and interest rate at the end of the specified fixed term. If the interest only period is not specified, the comparison rate is calculated on a 5-year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Other important information
+Tiimely Home is known for its fast approvals for Tiimely Own products and responsive service, powered by our technology and supported by our team of experts. Application and approval times are estimates only and not guaranteed. Turnaround times are dependent on individual circumstances. Applications for a Tiimely Own loan may require an assessor to obtain more information. Assessment times for home loan applications made via Tiimely Home brokers are dependent on individual panel lenders.

The information provided does not constitute an offer of credit and does not take into account your objectives, financial situation or individual circumstances. We recommend seeking independent financial, taxation and legal advice to check how the information provided aligns with your individual circumstances.

Tiimely Home receives commissions from Tiimely Own loans and, where customers apply for a loan with the assistance of a Tiimely Home broker, from loans settled with panel lenders. Tiimely Home brokers do not receive individual commissions. More information about the credit services provided by Tiimely Home is available in the Tiimely Home Credit Guide (PDF) and Tiimely Home Broker Credit Guide (PDF).