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Refinance your Home Loan

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If you want to buy a new house, renovate an existing home, or refinance your home loan, our refinancing team will find a loan to suit your needs and guide you accordingly.

Refinancing refers to paying out your existing mortgage and taking a new loan from either the same lender, or a new lender who offers you exactly what you need.

Changing loans can be a great money saving, but it involves fees too. To decide whether it’s good for you to change loans there are a few steps  involved.

A Challenge My Rates Refinancing Specialist will give you advice based on your current situation, so that you are have the confidence you need when deciding to refinance.

Step 1: Refinancing - is it right to do?

Key reasons for refinancing include

  1. The market is ever-changing, so refinancing can help you access a lower interest rate, or access the different loan features such as an offset account, a fixed rate or the ability to make extra payments.
  2. To make renovations and home improvements you may want to use the equity in your home for adding value.
  3. You can get a more flexible loan and better rate if you are nearing the end of a fixed term period.
  4. Debts like a personal loan, car loan, or credit cards can be consolidated into one loan by refinancing.

You should consider the fees involved in changing or refinancing the loan. If your refinanced amount  is greater than 80% of the property value, you will be required to pay Lender’s Mortgage Insurance.

If you have a mortgage and want to identify whether it could be working better for you, you should consult a mortgage broker. The broker will be able to advise you of the exact cost of changing and how a new loan will be different from the one you currently have.

Step 2: The right loan selection

Once you have decided that you want to change a loan, your mortgage broker will give you options to choose from.

When choosing to refinance loan you should consider the following points:

  • Whether you are able to make extra repayments.
  • Fixed rate term for easy budgeting, or a Variable rate for flexibility.
  • Low-Interest rates.
  • An Offset account to lessen the interest that you pay.

Once you have selected the refinancing loan, your broker will guide you through the process.

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