Special Notice for Holiday Period Processing: Our Service Centres will be closed on Wednesday 25 and Thursday 26 December 2024, as well as Wednesday 1 January 2025. On these Public Holidays, OSKO payments and internal transfers will be processed immediately, however standard external payments submitted after 5pm on Tuesday 24 December, will not be processed until 9am Friday 27 December 2024. Also, any standard payments made after 5pm Tuesday 31 December 2024, will not be processed until 9am Thursday 2 January 2025. You can continue to access your banking services via Internet Banking and the BankWAW App. To speak to a team member before these dates, please call 1300 368 555.

Why Refinance

Wednesday, January 22, 2020 / Finance

Refinancing a home loan is simply switching to a different loan. You’re essentially replacing your current loan with a new one, usually with a lower rate of interest and better features, and while there are many reasons for refinancing, the top motivation is often to save money.

There are a number of reasons you may want to refinance your home loan.

You may be looking for a better interest rate
You may want features and add-ons such as flexible repayments, redraw facilities and account splitting
You may be looking to use the equity in your home to renovate
If you’re coming to the end of a fixed rate term, it can be a good time to see if you can get a better interest rate or a more flexible home loan
You may be looking to consolidate debts such as a personal loan, car loan or credit card onto your mortgage, so it’s easier to manage your finances.
Refinancing may offer potential tax benefits, if you refinance to access equity in your home and use those funds to invest in property, shares or other wealth-building opportunities

So why don’t people refinance more often? There are a few reasons.

First, there is a misconception that refinancing is complicated, but it doesn’t have to be. A good home loan specialist or mortgage broker can do the hard work on your behalf, making it simple to save money.

Refinancing can sometimes incur fees, such as an exit fee from your current loan and the usual costs associated with establishing a new home loan. So before you jump into a refinance, understand the associated fees, so you understand how much money you’re really saving by refinancing. You can use our Mortgage Refinance Guide to get started.

Being informed and knowing your options is the first step. Be sure to do research yourself to understand your current loan (including conditions and fees of refinancing) and the preferred alternative BankWAW Home Loan.

Then, come in or call us for an initial chat with one of our home loan specialists. They are knowledgeable and provide expert advice about refinancing and how it could benefit you, as well as support to make refinancing as easy as possible.

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