A home loan refinance is your best option if your existing home loan no longer suits your needs or if you are not satisfied with your current lender.
Q&A: Home Loan Refinance
Whether you're looking to move house, renovate or get a cheaper home loan rate, refinancing your existing home loan may be an option worth exploring. Click on the following Q and A links to see if refinancing your home loan is right option for you.
Q: What does it mean to refinance your home loan?Many Australians who have owned their own home for several years will find that the value of their homes will have risen as a result of various property booms. The extra equity in your home can be pulled out and used for any worthwhile purposes.
Q: What can I do with a home loan refinance?
Once you decide to refinance your home loan, you can use the cash for any worthwhile purpose. You can have a cash lump sum to pay of your bills or have a line of credit tied to your home's equity.
You should speak to your accountant as each persons financial situation is different and your accountant can help determine the most effective loan structure.
Q: What will it cost me to refinance my home loan?Costs can vary depending on your circumstances, where you live and the bank/institution you have your loan with. Some common fees to consider includes land registration, application, discharge and valuation fees. You should also enquire with your financial institution for any break costs if you have a fixed rate home loan.
Q: How much can I borrow?Use our calculator: How Much can I Borrow to get an estimate of the interest rate and loan terms based on your personal situation.
Home Loan Refinance Benefits
Here are some good reasons and benefits to tap into the equity in your home.
- Your current home loan may not suit your needs.
- You may not be satisfied with your current lender (this could be for a range of issues from interest rates or poor service).
- Cost effectiveness, seeking alternative home loans that may save you time and money in the future.
- Home renovation.
- Purchasing an investment property(s).
- Consolidating Your Debts.
- Require further funds for any worthwhile purpose.
- What costs are associated with refinancing your existing loan?
- What are the costs of entering a new loan?
- Can the new loan be split, and are there any costs involved?
- Can the new lender provide you with any additional funds and more flexibility to suit your needs?
AMO's $100 Home Loan Refinance Guarantee
If we can't improve your current home loan situation, we will gladly give you $100 for your time*. How can you lose?
Take the first step towards your goals, call 1300 266 266 to book a free appointment with our Mortgage Brokers and ask how AMO can help you with your home loan refinance.
*Subject to acceptable security.
Articles: Home Loan Refinance and Equity
- Home Loans: More than Just Fixed and Variable
- How Can I Use Equity to Grow my Property Investment Portfolio?
- Recycling Bad Debt into Good Debt with a Home Loan Refinance Strategy
Please note: Information that is contained on the web site should be used as a guideline only. You should seek advice from professional financial, legal and real estate specialists before purchasing a property and/or applying for a loan.