Refinancing your home loan can offer several benefits such as:
It's important to note that refinancing also comes with costs, such as application fees and government fees, so it's important to weigh the costs against the potential benefits before making a decision. Generally, banks will offer a cash back incentive to move your home loan to them which more than offsets these costs, meaning you save money from day one.
$750,000 - Home Loan Balance
6% ($45,000 per year in interest costs) - Current Home Loan Interest Rate
5% ($37,500 per year in interest costs) - Refinanced Home Loan Interest Rate
$7,500 per year - Money Saved
It's that simple!
Every bank is different however the costs usually range from $600 - $750 per property to refinance your home loan. As always, our service is 100% FREE so no additional fees to utilise us.
Yes! In some cases, banks will pay you up to $4,000 to refinance your home loan to them. Not only will we obtain a great interest rate & save you money long term, you may also receive a nice little cash bonus upfront!
Generally, it's preferable to wait until your fixed rate expires before refinancing as it can be quite expensive to break the contract - particularly if you fixed at a rate lower than the current market rates. However, we can review this for you & present you with a cost/benefit analysis to help you make the decision.