Why Refinance?

Your current loan may not be the best value for your needs today. A Smartline mortgage expert can give your home loan a health check and compare lender options to see if home loan refinancing makes you better off, and what’s possible.

Reasons to look at refinancing

There are lots of great reasons to consider home loan refinancing, or replacing your current loan with a new one, such as:

  • access the equity in your home for renovations, a new car or investments
  • lowering your interest rate and repayments
  • locking in a fixed interest rate or moving to a variable rate
  • extending or reducing your loan term
  • getting extra features not included in your current mortgage
  • simply wanting to change lenders.

The key to refinancing

Whatever your motive, it’s very important that refinancing fits with your long-term goals. That way the right lender and loan options can be tailored to suit you.


Things to consider when refinancing

Once your Smartline mortgage broker understands your specific needs, they can explain all the pros and cons of a home loan refinance. Here are just a few of the things they’ll look at:

Do the benefits outweigh the costs?

When you change loans or lenders, you usually need to pay fees and charges. Your Smartline broker will compare options and give you the numbers to make an accurate assessment.

Longer loans may increase repayments

If you refinance your home to borrow more money over a longer loan term, it can greatly increase your repayments over the life of the loan.

Two lenders usually means more time

If you refinance to a new lender you have to deal with two lenders’ processes. Both follow a process and with this can come frustrations and delays.

It isn’t a quick fix for financial problems

If you’re thinking about home loan refinancing to pay for debts, you should talk to your financial adviser or accountant first.

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