If you are like many of the other thousands of home owners in Australia who have taken out a new home loan or mortgage over the last few years or longer, it might be time to consider refinancing your loan.

Refinancing your mortgage could allow you access to cheaper interest rates, new options such as off-set accounts or even unlock additional equity in your home to buy an investment property. And in most cases, refinancing is quick, painless and reasonable.

However, there are some reasons to forego refinancing. Indeed, those with a second mortgage or substantial consumer debt may find they are better off sticking with their existing mortgage.

The most important thing to review when considering refinancing is to identify if there is enough equity available in the property. Secondly, a review of your credit history will also be required, so make sure it is up to scratch.

For some applicants, refinancing is a sure thing. Borrowers with a solid repayment history and relatively small debt can save as much as hundreds of dollars of their mortgage and in many cases reduce the term of the loan by years. Over time this can equate to a saving of thousands of dollars.

But the refinancing option isn't always for everyone. Many people have historically taken out second loans in the form of home equity loans and other lines of credit. Others have taken advantage of new products in the market place to borrow up to 125% of their home value. These type of extended credit products make it difficult to refinance. But help is available.

How it works

The concept of refinancing is actually quite simple once you understand it. At a simplistic level it involves paying out one loan with the proceeds or a newer, lower coast loan or features that are better suited to your lifestyle. At the other end of the scale it can involve combining many loans into the single loan, extending the term of the loan and other tactics to save you money.


You'll have to look at your existing payment, figure out the costs of refinancing, and see how long it would take to recoup the charges. Alternatively, by using the services of a mortgage broker, you can quickly get an understanding of not only the best refinancing package for you, but also help with the paper work.

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