What Is Refinancing A Home Loan

Refinancing involves changing your existing loan and moving it with a new one that better suits your current needs. Refinancing has the potential to result in significant savings, and it's possible to refinance with your current lender. However, the new loan should come with improved rates and terms designed specifically for your individual situation.

Koalify help simplify the process of finding the ideal loan for you with a free complimentary home loan health assessment click here to see how much you could potentially save.

Why refinancing has the potential to save you thousands!!

1. Lowering Expenses: By securing a lower interest rate, you can effectively decrease your monthly mortgage payments.

2. Accelerating Loan Repayment: With flexible loan terms, you gain greater control over your repayment schedule, potentially shortening the duration of your home loan by several years.

3. Leveraging Home Equity: Refinancing allows you to tap into the equity in your home, providing access to cash for various purposes such as home renovations, vacations, or upgrading your vehicle.

4. Gaining Financial Control: Consolidating your other debts into your mortgage can lead to reduced interest rates and a clearer overall financial outlook.
   
   Avoid the 'set and forget' mentality when it comes to your loans. You might be overpaying. According to the Australian Competition & Consumer Commission (ACCC), Australians with loans that are 3-5 years old are, on average, paying an additional 0.58% over the loan's lifespan.
   
   Even a single percentage point can have a significant impact. If you have a $500,000 home loan with an interest rate of 6% and you're paying 0.58 percentage points more than the best available rate, you're essentially paying more than necessary in interest. This translates to an average of $250 extra per month, $2,900 per year, and $87,000 over a 30-year loan term. 
   
   Wouldn't it be wiser to channel that money into savings instead of paying it in interest? Over time, it could accumulate enough to be used on a wide variety of things like a holiday, a new car, school fees etc. 

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