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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. 

Why Refinance with Auswide Bank?

We’ve been helping Australians achieve home ownership for over 57 years and have even won awards for our products, including our home loans.

We would love the opportunity of growing with you as you take steps to refinance your home.

Refinancing FAQs

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:

  • Reducing home loan repayments with a lower interest rate.
  • Consolidating debt or accessing equity. If your home has increased in value then refinancing may allow you to access some of the greater equity you have in your home allowing you to pay off higher interest debt, such as credit cards, or pay for home renovations.

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.

Home Loan Calculators

Use our calculators to give you an idea of what your repayments could be.

Compare Home Loans

Chat to a Home Loan Consultant

Whether it's face-to-face or over-the-phone our lending consultant can provide professional personalised advice and will help you through the process quickly and easily.

Have some questions?

We’re here to help.

  • 1 This rate is available for new loans only and is only available on the relevant product, purpose and LVR. After expiry of any fixed term, the rate reverts to the applicable Freedom Package Revert Variable.
  • 2 Comparison rates based on secured loan of $150,000 over 25 years. WARNING: This comparison rate applies only to the examples given. Different amounts & terms will result in different comparison rates. Costs such as redraw fees or early repayment fees & cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
  • 3 This rate is available for new loans only and is only available on the relevant product, purpose and LVR.

~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.