It’s natural that as time passes, your needs change. The loan that was a good fit for you a few years ago may not be the best loan for you now.Australian lenders are a fiercely competitive bunch who continually try and improve their rates and products relative to their peers.

Refinancing allows you to take advantage of these offers and change your existing loan to one that’s more suitable to your current situation. You may consider refinancing your home loan for various reasons including:

• Consolidation of debt (credit card, personal loan, vehicle etc.) to take advantage of lower interest rates
• Using the equity in your home to purchase an investment property to help you grow your wealth
• Changed financial circumstances to the initial loan application
• To obtain a lower interest rate
• Dissatisfaction with your current lender
• Access the equity in your home to finance renovations or other lifestyle purchases
• Intent to convert from a variable rate loan to fixed rate (or visa versa)

There are various costs and issue to consider when refinancing, so it is important to talk to us to discuss your individual situation.

• Work out how much you may save by refinancing your existing home loan or consolidating all your loans (home loan, car loan credit cards etc)
• Work out an estimate of how much you can borrow
• What will my repayments be?
• Compare your home loan options