Why Refinance your Home Loan?
You may want to refinance your home loan for the following reasons:
- Get a lower interest rate: According to Mozo, you can save up to $3000 annually if you refinance with an online lender. Homestar Finance offers one of the lowest interest rates in the Australian market. Find out how much you can save here by using our Home Loan Refinance Calculator.
- Obtain new loan features: There could be new, improved or flexible loan features that you would prefer to have. Features like an offset account, a redraw facility or flexible repayment options can be attractive for many borrowers if they want to save money, reduce their repayment amounts and make their loan easier to manage. At Homestar Finance, we offer a redraw facility, an offset account and a debit ATM card for all our variable rate home loans.
- To switch between different types of loans: You may want to change the type of loan you have, whether it is from variable to fixed, or from Owner Occupied to an Investment loan.
- Access equity: You may want to refinance to access equity for other purposes, such as investing in a new property or car.
- Consolidate debt: By refinancing, you may be able to combine multiple short term debts e.g credit card debts and repay this with a lower interest rate.
There are various costs involved with refinancing your home loan. You will also need to be aware of registration fees involved and whether you will need to pay for Lenders Mortgage Insurance. For more information about our setup costs, please refer to the relevant fact sheet for our Loan Products. For any additional queries, please feel free to contact us on 1300 462 209.