Refinancing
Refinancing may be considered when you want to review your existing loan. We help you understand whether it's the right move for your circumstances.
Why Refinance?
Reviewing your mortgage and other loan regularly ensure your loan continues to meet your lifestyle and financial goals without experiencing financial hardship. Here are the most common reasons homeowners and other borrowers choose to refinance:
Lower Interest Rates
Refinancing when interest rates are lower can reduce your monthly payments and save you money over the life of the loan.
Shorten the Loan Term
Switching from a 30-year mortgage to a 25-year mortgage, for example, allows you to pay off your home faster and save on interest, although your monthly payments may be higher.
Convert from Variable to a Fixed Rate
If you have a variable-rate mortgage, refinancing to a fixed-rate mortgage can provide stability with predictable payments, and safe you money when interest rates go up.
Access Equity
Cash-out refinancing gives you access to your home’s equity for major projects like home improvements and getting an investment.
Refinancing may or may not result in savings. We do not guarantee savings and recommend considering any break costs, fees and the total interest payable over the life of the loan.
How Loanwise Helps With Refinancing
We compare competitive options across our panel of accredited Australian lenders, calculate your true cost savings after fees, and manage the paperwork from application to settlement.