Thinking About Refinancing Your Home Loan? It Might Be Time.

If you’ve been staring at your mortgage statement wondering if you could be getting a better deal, you’re not alone. A ton of Aussies are looking into refinancing their home loans right now — especially with interest rates bouncing around and the cost of living doing its thing.

So, what’s refinancing all about? Is it worth the hassle? Let’s break it down.

What Is Refinancing?

Refinancing basically means replacing your current mortgage with a new one. That could mean getting a lower interest rate, changing lenders, accessing equity in your home, or tweaking your loan features to suit your lifestyle better.

Think of it like upgrading your phone plan — same phone (aka your house), but a better deal.

Why Bother?

Here’s why people refinance:

To get a better interest rate: Even dropping your rate by half a percent could save you thousands. Seriously.

To access equity: If your home has gone up in value, you might be able to pull out some cash for renovations, a new car or kick start that investment portfolio.

To consolidate debt: Rolling your credit cards or personal loans into your mortgage might make life simpler (and cheaper).

To change features: Want an offset account? Redraw facility? Switching from variable to fixed? Refinancing can help with that too.

Here is an example, on a loan of $500,000 a simple difference of 0.5% (dropping 5.85% to 5.35%) could mean a saving of over $59,706 over the life of a 30 year home loan. This means you could pay your loan off a lot faster. 

💡 Tip: By engaging our highly experienced mortgage broker, you'll have access to over 36 lenders to compare loan products. 

What to Watch Out For

Before you get too excited, there are a few things to check:

Break fees: Got a fixed loan? Ending it early might cost you.

New loan fees: Some lenders charge application or valuation fees — so factor that in.

Restarting the clock: Extending your loan term might lower your monthly repayments, but you could end up paying more in interest over time.

Credit score hits: Applying for too many loans at once can impact your credit score, so be smart about it.

How to Refinance Your Home Loan

1. Understand your current loan – What’s your interest rate? What features do you have? Are you happy with it?

2. Make an appointment with our expert mortgage broker to conduct a mortgage health check and to see what else is out there.

3. If the savings stack up, then it’s a matter of selecting a new home loan and organising some documents. Our mortgage broker will guide you through the steps and handle the nitty-gritty with the lender.

Here at Loan Striker, refinancing your home loan can be done settling in as little as a month.

Refinance or Not?

If you haven’t looked at your home loan in a couple of years, chances are you’re not on the best rate anymore. Lenders often save the sweet deals for new customers (annoying, right?). So, if you can save money — or get features you actually want — it’s worth a look.

Robert Owen, Senior Mortgage Broker

Are you considering refinancing your home loan?

Arrange an obligation free appointment with our trusted broker, Robert, today. He will assess your current situation and help you determine whether it is worthwhile refinancing.

Call 0414 941 115 or email rob@loanstriker.com.au to discuss your options. If you prefer, book an appointment online.