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Refinance Home Loan

Refinancing is the process of taking out a new mortgage to repay an existing loan: often because there has been a change in your personal or financial situation, or simply because you want a better deal on your home loan. While this can be with the same lender, it is also common to change to a different provider.

Some common reasons why you’d want to refinance your home loan may include:

  • To get a lower interest rate or competitive discounts;
  • Looking at fixing your home loan
  • You want to increase or decrease the amount or term of your loan.
  1. Borrow up to 90% on refinance and 95% plus on purchases
  2. Low Rates
  3. Loan terms up to 40 years
  4. Vacant land, Residential property, Commercial properties and Rural properties all expectable
  5. Bad credit and low credit scores are fine
  6. All types of income considered

If you’ve had your current home loan for a number of years, it’s likely that your needs have changed over that time. You may have a different financial situation, yet your current home loan may not have the range of flexible features and add-ons that have since become available.

Things to consider

When comparing home loans with a view to refinance, you should take into account any upfront and ongoing costs associated with exiting your current home loan and switching to the new loan. These may include a settlement fee, loan establishment fee, mortgage registration fee, loan service, and/or exit fees and charges.

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