Refinance Home Loan Comparison
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What is refinancing?
Refinancing a home loan is the process through which a homeowner swaps their loan, either to a different product or loan amount with the same lender, or switches to a different lender that takes over the existing mortgage.
Should you refinance your home loan?
There are many reasons homeowners may choose to refinance. Some of these could include:
- Saving money: Refinancing could help a borrower take advantage of a better deal, such as a lower interest rate, which could potentially save thousands of dollars off the lifetime cost of a loan.
- Borrowing more: It could be possible for some borrowers to change the conditions of their loan, such as increasing the amount borrowed by refinancing.
- Restructuring: It may be possible to, for example, move from principal-and-interest repayments to interest-only repayments.
- Bundling: Moving all their banking business to a single financial institution could allow a borrower to access package deals or other perceived benefits.
- Adding features: You could switch to a loan with a wider range of features, such as an offset account or redraw facility.
- Consolidating debts: In some circumstances, it may also be possible to consolidate multiple debts into the one home loan when refinancing. It could be wise to consider financial advice before doing so, however, as there can be risks associated with this.
What does it cost to refinance a home loan?
Refinancing can come with a range of costs. Some of the fees you may have to pay include:
- Discharge fee: a fee charged by your current lender to pay out your existing loan.
- Application fee: a fee charged by your new lender to make a new loan application.
- Valuation fee: a fee charged by your new lender to determine your property’s current value.
- Lenders mortgage insurance (LMI): if you have less than 20% equity in your property, you may need to pay LMI, even if you already paid for it through your existing lender.
- Break fees: If you have a fixed rate home loan, you will likely need to pay a break fee if you decide to refinance during the fixed rate period.
The overall costs of refinancing will depend on your current lender, your new lender and potentially which state or territory you live in.
How to refinance a home loan
There are a few ways that homeowners can approach refinancing, but it could be a good idea to start by working out what you’re paying at the moment, then doing some research into what interest rates are currently on offer in the market:
- Know your mortgage: Record the vital stats of your mortgage, such as what interest rate your lender is currently charging you, what your monthly repayments are, the loan’s fees and charges and a rough estimate of how much the loan will cost you over its life. A mortgage repayment calculator could help. It could also be helpful to know how much equity you have. Conditions could differ depending on if the mortgage is on an investment property or a home you’re living in. It may also be useful to find out whether your current lender will charge any break or discharge fees if you do decide to swap loans or lenders.
- Research home loan rates: You can use the comparison tool above to compare refinance home loans on our database. The tool allows you to see what loans are on offer in your state or territory, their advertised interest rates and comparison rates, and a calculation of what the monthly repayments on each of them could be.
- Compare your loan to what’s on offer: Now that you have the information in hand, it could be a good idea to weigh up your loan against what’s available in the wider market. Perhaps there’s a lower interest rate or better loan features on offer from a different lender, or maybe your lender has dropped its rates to new borrowers? Either way, consider carefully the options available (and remember, while a low rate could be beneficial, it is also important to consider the comparison rate as well as other features and benefits when comparing loans). Canstar’s expert star ratings could also assist you to create a shortlist of loans and lenders.
- Ask your lender for a better deal: It could be worth negotiating with your existing lender, to see if it can give you a better home loan interest rate, or if it can offer any special benefits to keep you as a customer. Ask if there are any costs involved in changing your loan. Compare your lender’s offer with your shortlist of other loans and lenders.
- Investigate other lenders: If you find a deal that’s worth exploring, you could approach that lender to find out more. Ask lots of questions – it’s important to understand the terms and conditions, plus the fees, of any new financial product before applying for it or entering into a contract. It may be helpful to ask the lender to send you information about their offer, so you can take time to review it. Factor into any decision the impact of any costs associated with refinancing, such as if your current lender will charge you any break or discharge fees.
A low rate isn’t the only factor to consider when judging a loan. Other factors could play a part, such as if it comes with any features, like an offset account or redraw facility, extra fees or similar considerations. Consider if you need to seek professional financial advice.
Frequently Asked Questions about Refinancing Home Loans
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Canstar Star Ratings and Awards
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About the authors
Nina Rinella, Editor-in-Chief
Joshua Sale, Group Manager, Research & Ratings
As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Home Loans Star Ratings and Awards and the Home Loan Refinance Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right home loan for them.
Josh is passionate about helping consumers get hands-on with their home loans, always reminding home buyers that finding the right loan can be as important for your finances as negotiating a fair property purchase price. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine, discussing topics including home loan equity and wider finance trends.
When it comes to Josh’s own property journey, the home loans expert once bought two houses in the same transaction when he ensured the cubby house his daughter loved was listed on the purchase contract for his new home.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.