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What is home loan refinancing?

Refinancing

You should always keep an eye on your home loan or mortgage interest rates and repayments and understand how competitive they are. These days, sites like RateCity.com.au can help you quickly and easily compare from literally hundreds of products to find a deal which best suits your needs. There are large savings to be made if you are on a poor rate when you compare that to a market leading rate so take an active interest in your personal finances.

If you have compared your current home loan, found there are savings to be made and are now looking at the possibility of refinancing your home loan or mortgage, you should make sure you know how the process works so you won’t be caught out with any nasty hidden fees and charges.

  1. Read your contract – Before you refinance, take the time to read your current contract and product disclosure statement. Look for a section on breaking the contract and if there are any penalties you may incur. Break costs have generally been abolished by the Federal Government in 2011 – read more on break costs here.
  2. Compare home loans online – Australia’s leading home loan comparison site, RateCity.com.au, has an enormous selection of home loans to compare to your current loan, you will be able to quickly and easily find a great deal at today’s lowest interest rates for your refinancing needs. RateCity also has great home loan calculator tools which can help show what your future repayments will be like.
  3. Talk to your lender – use your new knowledge of the home loan market after using RateCity and shopping around to give you the confidence and negotiating power to discuss your situation with your lender and bargain for a better deal. When it comes to refinancing, if your current lender won’t budge there are always thousands of other home loans available at just a click away!

You can also read through RateCity’s Home Loan Guide to get a better overall understanding of home loans. 

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