Refinance
Why Refinance?
- To get a more suitable interest rate, or new features such as flexible repayments, redraw facilities or an off set account.
- To access equity in your home to renovate, invest or travel.
- If you’re coming to the end of a fixed rate term, and you want a more suitable interest rate or a more flexible home loan.
- To consolidate debts such as a personal loan, car loan or credit card into your mortgage, so that it’s easier to manage your finances.
Refinancing FAQs
How long does refinancing take?
The length of time this process will take can vary from lender to lender, but generally speaking, it will often take between two and four weeks.
Do you need to get a new property valuation done when you refinance?
Although it can depend on the lender, you might have to get another valuation done on the property when refinancing. Real estate transactions such as refinancing will often need to have a valuation done when refinancing as the lender will need to know what the property is actually worth before they take it on.
Is topping up your loan the same as refinancing?
Home loan top-ups are similar and different from refinancing. While refinancing is the act of switching to a new home loan, home loan top-ups are when you increase your existing home loan, allowing you to borrow more by using the equity in your home.
Does refinancing affect your credit rating?
Yes, refinancing can affect your credit score, as refinancing is considered to be a credit application.