Question 1

What is the difference between switching and refixing?

Accepted Answer

Switching a home loan can involve changing to a different lender or a different loan product. Refixing refers to staying with the same lending and refixing the loan for another term.

Question 2

If I refinance my home loan, does it have to be with my current bank?

Accepted Answer

No. Refinancing can involve changing lenders.

Question 3

What will I save if I refinance my home loan?

Accepted Answer

Savings which may be realised when refinancing a home loan will depend on individual loans and homeowners. Where lower rates are achieved, repayments may be less.

Question 4

What does refinancing cost?

Accepted Answer

The costs associated with refinancing a home loan vary with lenders and may vary with different loan products. Typically fees include discharge and exit fees, loan establishment fees, and state government mortgage registration fees.

Question 5

What costs are involved with mortgage refinance?

Accepted Answer

The cost of mortgage refinancing include the discharge and other fees applied by the current lender for terminating the loan prior to the end of the term plus the costs incurred in establishing the new refinanced mortgage. Fees and charges may vary with different banks and lenders.

Question 6

Will my refinanced loan rate be variable or fixed?

Accepted Answer

Homeowners can choose if they want a fixed or a variable interest rate when refinancing.

Question 7

When should I refinance my home loan?

Accepted Answer

When a fixed rate term is nearing the end, homeowners will need to refinance. At other times, it is the homeowner's choice if their circumstances require a change to their loan arrangements or if rates have changed significantly and better rates are available.

Question 8

How do I know if I should refinance a home loan?

Accepted Answer

Homeowners can engage with a mortgage broker for a home loan health check. These checks assess the current loan, the current financial position of the homeowner and identify any other loan options which may improve the current position.

Switch, Refix or Stay? What is Mortgage Refinance?

How does Mortgage Refinance work?

Why should I refinance my mortgage? Ask the Yes Experts!

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