Home Loan Refinancing

Home loan refinancing involves replacing your existing mortgage with a new one, typically to take advantage of better terms, such as a lower interest rate or more flexible repayment options. This process involves applying for a new loan, which is used to pay off the existing mortgage. Homeowners often refinance to save money, reduce monthly repayments or access equity for other financial goals.

A home loan refinance calculator allows you to input key details such as your current loan balance, interest rate and the terms of the new loan. By comparing these figures, the calculator can estimate potential savings from refinancing, including reduced interest payments and monthly repayments. This can be a useful way to determine if refinancing will be beneficial for you.

Refinancing home loans offers several benefits for Melbourne homeowners, including the potential to lower interest rates, reduce monthly repayments and shorten the loan term. It also provides an opportunity to switch from a variable to a fixed-rate loan for more stability, or access home equity for renovations, investments or debt consolidation. Homeowners may also be able to take advantage of special offers like refinance cashback rewards from lenders.

The mortgage refinance process involves reviewing your current loan, assessing your financial situation and comparing new loan options. Once you’ve selected a refinancing option, you apply for the new loan, submit the necessary documentation and await approval. After approval, the new loan pays off the existing mortgage, and you begin repayments under the new terms.

A refinance broker can simplify the process by helping you compare multiple lenders and securing competitive rates on your behalf. Our brokers at AUSUN Finance work with a range of banks and financial institutions, giving you access to a variety of refinance options. We can also handle negotiations and paperwork and ensure you understand every aspect of your new loan.

Refinancing in Melbourne involves several steps:

1. Assessing your financial goals and current mortgage.
2. Comparing different refinancing options from various lenders.
3. Applying for your chosen refinance loan and providing necessary documentation.
4. Receiving approval and completing the settlement process.
5. Beginning repayments under your new loan terms.

Working with a refinance broker can streamline this process significantly.

When selecting a refinance mortgage broker, look for someone with experience, a strong reputation and access to a broad network of lenders. AUSUN Finance stands out as a trusted broker in Melbourne, offering personalised service tailored to your needs. We take the time to understand your goals and present you with competitive refinancing options from a wide variety of lenders.

When refinancing your home loan, consider factors such as the new interest rate, loan fees and any potential savings. Think about your long-term financial goals and whether refinancing aligns with them. It’s also important to review the loan’s flexibility, such as options for extra repayments or a redraw facility, and any special incentives like cashback offers.