Refinancing Your Home Loan: Everything You Need to Know
- Josh Tilley
- Mar 25
- 2 min read
Life changes, and so do financial needs. Perhaps you have started a new job, welcomed a new family member, your bank did not pass on the latest Reserve Bank interest rate, or simply want a better interest rate. Maybe that outdated kitchen and/or bathroom needs an upgraded. Whatever your situation, refinancing your home loan could be a smart financial move.
Is It Time to Refinance?
Refinancing can seem overwhelming, with various factors to consider—interest rates, fees, and the choice between fixed and variable loans. However, finding the right refinancing solution can offer multiple benefits, including:
Paying off your mortgage faster and at a lower cost.
Consolidating debt under a lower interest rate.
Freeing up equity to upgrade your home and increase its value.
If you are unsure where to start, our Accord Loans & Finance team is here to help you navigate the process.
Common Questions About Refinancing
Can I Get a Home Loan with Lower Repayments?
Absolutely! Now is a great time to review your home loan to ensure you have the best rate and features suited to your needs. The potential savings will depend on factors such as your current interest rate, the type of loan you have (fixed, variable, interest-only, or line of credit), and the loan features you require. Our team can quickly assess your options and help you find a better deal.
Can I Consolidate Credit Card or Other Debts Into My Home Loan?
Yes, many homeowners refinance to consolidate debts such as credit cards, overdrafts, or personal loans. Since mortgage interest rates are typically much lower than other types of debt, this strategy can reduce overall repayments. However, it is important to maintain your original repayment levels to avoid paying more interest over an extended period. Speak with us today to explore your options and find the right approach for your financial situation.
How Much Can I Borrow?
Your borrowing capacity depends on your income, expenses, credit history, and existing financial commitments. When you are ready, our team can provide precise calculations tailored to your circumstances.
How Do I Choose the Right Loan for Me?
With hundreds of home loan products available, selecting the right one can be challenging. Our expert brokers work alongside our accountants and tax advisors to provide bespoke advice, ensuring you secure the best loan for your financial goals while structuring it in the most tax-effective manner.
How Often Can I Make Home Loan Repayments?
Most lenders offer flexible repayment options—weekly, fortnightly, or monthly—to align with your pay cycle. Opting for weekly or fortnightly repayments can reduce your loan term and interest costs, helping you pay off your mortgage faster.
What Are the Fees Involved in Refinancing?
Switching mortgages may involve some costs, including exit fees, settlement fees, or application charges. However, these costs could be outweighed by the long-term savings of a better loan. We will guide you through any potential fees and ensure you make an informed decision.
Let’s Find the Best Refinancing Solution for You
Refinancing does not have to be complicated. Whether you want lower repayments, better loan features, or access to home equity, we are here to help. Contact us on 1300 022 267 to discuss your refinancing options and take control of your financial future.
