There a many reasons and benefits as to why people refinance so we've put together some common refinancing FAQs to help get you started and find out if refinancing your home is the right option for you. If you prefer talking with someone face-to-face or over the phone, our Lending Consultants are always here to help.
Refinancing is simply the process of replacing your current home loan with a new home loan that has different terms and rates. This could involve changing lenders or changing your current loan with your current lender.
There are many reasons and benefits as to why people refinance, including:
While you can generally switch home loans whenever you like, it may be best to wait until you’ve had your current mortgage for at least 12 months as the costs associated with paying off the existing loan and in establishing the new loan may outweigh any benefit of a lower interest rate.
Yes, but this can also depend on several factors, including the current value of your property and your ability to make the repayments for the loan amount you are requesting.
The timeframe to refinance can depend on a few factors, including documentation required and whether you’re refinancing with the same lender or switching to a new one. The timeframe can vary between lenders and can take anywhere from two to six weeks.
A fixed rate loan with all the benefits of a variable home loan including an optional 100% offset account, redraw facility~ and extra payments+.
Home loans don't need to be complicated. Our award-winning Basic Home Loan is a flexible, 'no fuss' home loan with a competitive variable rate.
A variable rate loan jam packed with features including an optional 100% offset account, redraw facility~ and extra payments so you can pay off your loan sooner.
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~Redraw is subject to Auswide Bank's discretion – limits may apply.
+A break cost may apply if the fixed loan is paid out in full or any change made to the loan structure within the fixed term.
*Full details of the Freedom Package are available in the Freedom Package Schedule of Benefits and Freedom Package Terms & Conditions. As per the Freedom Package terms and conditions, some benefits will not be applied to your products unless you advise us that you're a Freedom Package customer. Freedom Package benefits not available on Bridging Loans.
This information is a summary of features & benefits only. This is not an offer to lend - credit assessment criteria, terms and conditions & fees and charge apply - full details on application. Loans are only available to approved applicants offering security in approved property in Australia. Prior to entering into a credit contract with us you should read our Credit Guide.
