'Refinancing' means replacing your current home loan with a new one. Refinancing a home loan is often done to take advantage of a better interest rate, longer loan term or a desirable feature not available with your original mortgage. For instance, you may want to replace your current higher rate variable home loan with one that has a lower variable rate and offers a line of credit.

AustAsia Finance Brokers Pty Ltd can assist in finding you the best loan to suit your needs. This could be to look at:

  • Fixed or variable interest rates. A fixed rate will reduce your exposure to risk, while a variable rate may help you take advantage of a future drop in rates
  • The term of your loan. You could refinance to a loan with a longer loan term, allowing you more time to pay off your mortgage
  • Home renovations. You may need to access more funds for renovations, which may be unlocked through refinancing to a line of credit loan
  • Buying an investment property? You could use the equity in your home loan to finance the investment

Before deciding to refinance you should talk to your financial planner or accountant to assess your financial needs. Debt management can be a complex issue that is best addressed in consultation with your financial adviser or accountant.

Refinancing a loan may have consequences on the size of repayments, length of repayments, total cost over the life of a loan, as well as any fees or charges.

Speak to AustAsia Finance Brokers on 08 9227 6300 or by email to clientservices at austasiagroup dot com to discuss what financing option are available to you.