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How do I refinance my home loan?

Refinancing is where you take out a new home loan to replace your existing one, either with the same lender or by switching to a different one.

Reasons to refinance may include;

  • To lower your interest rate
  • To find a loan with more features - such as redraw or an offset account
  • To use the equity in your home to renovate or improve your lifestyle
  • To consolidate other debts into your mortgage

Steps to refinancing

Firstly, familiarise yourself with your current loan; the type of loan, the interest rate you’re paying, the features it offers and the fees you’re paying. Then identify the things you‘d like to improve with a new loan.

This allows you to compare with other loans on offer and find a better deal. Remember to factor in any costs associated with exiting one loan and taking out another.

The best way to check your potential savings is with a refinance home loan calculator.

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Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one 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.

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Other legal information
At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.