When refinancing your home loan, it’s important to consider your individual needs, not just the interest rate. Fortunately, the Australian market offers a wide range of home loans, all with different interest rates, product features and fees. When selecting a loan, it pays to shop around and find the right loan that suits your needs and circumstances.
The better the fit – the happier you will be, and it could also result in more savings over the life of the loan.
Some features you should consider include:
- Compare the refinancing rates your current lender and the wider home loan market offers.
- Some lenders may allow for FastRefi, which provides fast refinancing when an in-personal property valuation is not required.
- Refinancing with a line of credit may let you tap into that equity.
- Package loan bundles where you may receive a waiver or discount if you bundle your home loan with other financial products.
- Should I split my home loan – for example, my home loan amount is $300,000, and I would like one portion of $150,000 fixed and another $150,000 portion variable.
- Ability to make additional repayments above interest.
- An offset account or a redraw facility which may be able to be put towards refinancing.
- Linked savings account or credit card facility.