What does refinancing your home loan actually mean, what are the benefits, when should you refinance, and how can you do it?
Refinancing your home loan is when you take out a new home loan to pay off your existing mortgage.
Why take out a new home loan to simply cover the costs of an old one, you might ask?
Our personal and financial circumstances are always changing. Refinancing your home loan is a great way to achieve your lifestyle goals, take advantage of market leading rates, and better manage your finances.
Some of the moments when you might want to consider refinancing:
- A significant shift in life priorities, like starting or growing your family, changes to your employment, or even purchasing an investment property
- You’re looking to renovate or extend your current home
- The end of the fixed term rate for your current mortgage
- Simplify your finances by consolidating other repayments and debts
- To secure a better deal by reviewing other options on the market
Whatever your circumstances, understanding the refinance process and how to prepare to make the switch is important in building confidence to make the switch. At Regional Australia Bank we recommend you speak with a home loan specialist annually.
Our dedicated team of home loan specialists will help you review your current loan, decide whether refinancing is right for you, and make sure you’re getting the best deal.
Regional Australia Bank’s personalised solutions are designed with the understanding personal circumstances and priorities are always changing. This is why our products are built around saving you time, money, and effort.
Regional Australia Bank’s Fixed Rate Home Loan is great if you’re looking to lock in your home loan repayments and stay on top of budgeting.
The Mortgage Offset Home Loan from Regional Australia Bank can reduce interest charges on variable rate home loans so you can pay off your mortgage sooner.
If you want to flexibility and an all-in-one home loan Regional Australia’s Mortgage Overdraft is right for you.
For almost 50 years we’ve helped Australians achieve their lifestyle goals by helping them take control of their finances.
Simply, Regional Australia Bank will make your finances work for you.
Book an appointment with one of Regional Australia Bank’s home loan specialists today to discuss refinancing your home loan, and take a look at the full list of home loan products here.
This information is not to be considered as financial or legal advice. Please ensure that you speak to your accountant or solicitor in relation to your situation.