Home Refinancing
Thinking about switching home loans to get a better deal? Refinancing your current home loan to take advantage of a lower interest rate can save you money.
At Zenrg Finance, we can provide you with the best refinancing deals to help you get ahead.
What is Home Refinancing?
Refinancing is the process of taking out a new mortgage to repay an existing house loan, either with your current lender or a new one.
If your personal or financial circumstances have changed, or if you just want a better deal on your home loan, you may consider refinancing. When refinancing your home loan, it's common to switch to a different lender, however you can also refinance with the same one.
Many lenders keep their best rates for refinancers who have equity in their home. This is why it's a good idea to reassess your mortgage every few years to ensure you're still getting a competitive deal.
Home Loan Refinancing Benefits
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Securing a lower interest rate
Refinancing to a lower interest rate can minimize your monthly payments. A home loan refinance can come with certain costs, however, so it's important to assess the benefits of refinancing against these expenses.
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Switching between fixed and variable rates
Switch to a fixed rate if you want the assurance that your payments will remain the same for a set period of time. Alternatively, you can take advantage of a lower variable rate if you're willing to take the chance that rates will rise in the future.
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Accessing home equity
You can tap into your home equity by refinancing your current mortgage and then using it as a deposit for an investment property. Your current home is then used as security for your new loan.
Your home is likely one of your most valuable assets, and using home equity to build greater wealth can provide you with more opportunities than ever before.
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Streamlining your debt
Refinancing your mortgage allows you to consolidate your debt and lower the total interest you'd typically be paying on multiple loans.
For debt consolidation to be truly cost-efficient, you must commit to making extra repayments to pay off the increased loan as fast as possible.
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Accessing better loan features
Refinancing your home loan allows you to switch to a loan that has more to offer, such as unlimited additional repayments, a redraw facility, or an offset account.
Check out our Mortgage Switching Calculator to see how much you can save by refinancing your home loan.
Are You Eligible for Mortgage Refinancing?
Although various lenders have different eligibility requirements, the following criteria most commonly applies:
Be an Australian resident or permanent resident
Be over 18 years of age
Have more than 20% equity in your home
Have a good credit score
Be employed and have proof of income
Contact Our Home Refinancing Experts Today
Our refinancing specialists can help you identify the best home loans for your circumstances, negotiate with lenders, and give you up-to-date advice on what to choose.
Book a meeting with our friendly team today to discuss your options.
How choosing the right broker can help
Your broker can help you identify the best loans for your circumstances, negotiate with lenders, and give you up-to-date advice on what to choose. The team at Zenrg Finance bring a wealth of expertise and genuine passion for finding the best options for you, every time.
Our brokers will assess your goals and need to match you with a loan that suits you now, and in future. By comparing factors such as interest rates, features, benefits, and exit and entry costs, we’ll make sure you have all the information and advice you need to make the best decision - not to mention, save you from having to do the research yourself!
Interested in refinancing your home? We’ve got you covered.
Give us a call today to find out more - and check out our mortgage calculator!
Talk to a home refinance specialist
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