Why refinance with us?

Refinancing is basically a loan swap. You continue to pay off your home, but with a new loan that has a lower rate or better features (or both!). Once you’re sure you want to refinance, all you need to do is complete a home loan application and we’ll arrange to have your property revalued.

Lender’s Mortgage Insurance is only required if you borrow more than 80% of the property’s value. If you’re refinancing, decide to swap lenders, and need to borrow more than 80%, you will need to pay LMI again as it doesn’t transfer from one lender to another. You may be able to reduce or avoid LMI entirely by having a family member act as guarantor.

Technically, you can refinance whenever you like. However, refinancing comes with various administration costs. How much equity you have in your home can affect whether you will need to pay Lender’s Mortgage Insurance (LMI). Refinancing is considered an application for credit, so it will influence your credit score. Be sure you carefully consider the wider effects of refinancing before you proceed.

Refinancing can be a great money saver. If you’ve had your loan for a while there’s a good chance you can get a better deal now. Other reasons you might refinance are to consolidate debt, or to get a home loan with features that suit you better.