If you have had your loan for few years, it’s safe to assume your life has changed somewhat in that time.

Has your family grown? Has your job changed? Perhaps a promotion? Maybe you got married. Whatever the reason for change, it may have impacted your loan. By refinancing you could access more loan features, take advantage of a competitive rate and even pay off your loan faster negating interest.

Its not uncommon over time to progress in a career or find your way into better pay and as such you may be able to contribute more towards your home loan than previously.

Even finding a reduced rate can increase your repayments and pay that loan off sooner. By restricting your loan, you may be able to get more out of by accessing features such as a redraw facility or an offset account. By transferring your salary into an offset account, you can reduce the interest you pay on your mortgage. A redraw facility allows you to access any additional repayments you’ve made on your loan.

Alternatively, you can also speak to our team about switching to a simpler home loan with less features if you no longer require your current features.

Equity is another common reason for refinancing. Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.

If you are thinking of doing renovations, you can draw down on your equity to help fund projects around the house. Or, if you want to, you could use your equity to help purchase an investment property.