Melbourne's Simplest Refinancing Process

Refinancing your mortgage can be a smart move for several reasons, and it’s not just about lowering your interest rate or reducing your monthly repayments.

Refinancing can help you reduce your home loan interest rate, which in turn lowers your repayments, making it easier to manage your budget. You could even maintain the same repayment amount while reducing the principal loan balance by lowering your interest rate, which helps you pay off your loan faster.

Additionally, refinancing can give you access to the equity in your home. You can use this equity for home renovations or extensions to increase your property’s value, or as a deposit to buy an investment property. Refinancing or top up also gives you the option to consolidate other debts, like credit cards or car loans, into your home loan, potentially lowering the overall interest you’re paying or lower your repayment to improve your cashflow. 

If your fixed interest rate period is ending, refinancing could help you avoid rolling onto a higher variable rate by moving to a different lender offering a better deal or talk to your current lender to get better offer. Some lenders even offer cash-back promotions when you refinance, providing extra funds to assist with your repayments or home improvements.