What is Refinancing and How Can it Benefit You?

October 3, 2018

What is Refinancing and How Can it Benefit You?

When was the last time you did a health check on your home loan and worked out how much interest you pay? When it comes to managing your home loan, many borrowers never take the time to every now & again to see if there are any better home loan deals out in the market By looking into refinancing your home loan, you might be able to save thousands in interest and get your loan paid off quicker. A win-win situation.

Find out more about refinancing and how it could benefit you.

Understanding Refinancing

New home loan “specials“ pop up every day, so it’s smart to know which Lenders are offering the best deals that will save you interest & pay off your home loan sooner. Refinancing involves taking your mortgage from your existing Lender to another Lender for a better interest rate and/or loan features.

53% of Australians have refinanced their home loan, but 45% of Aussies with home loans have yet to refinance. This means that almost half of Australian homeowners could be missing out on better deals.

Why Refinance?

Depending on your financial circumstances and goals, refinancing may have a number of benefits. Here are the top reasons why people refinance their home loan.

  • Paying off the mortgage quicker
  • Saving money by paying less interest
  • A change of financial or life circumstances
  • Changes in interest rates
  • Reduced monthly outgoings and loan repayments
  • Accessing equity for any worthwhile personal purpose.
  • Accessing equity to invest.
  • Finding a lender with lower fees and charges.
  • Consolidating debts into one home loan & repayment.
  • Simplifying loans and repayments

How to Refinance


When it comes to refinancing, we recommend chatting with a Better Choice Mortgage Broker. Instead of going Bank “X“, and getting 1 quote from Bank “X“, meet up with a Better Choice Broker who can give you up to 35 quotes from up to 35 different Lenders. A Better Choice Broker can let you know how much interest you will save, and what it will cost to refinance so that you can make an informed decision. We know that there’s no “one-size-fits-all“ approach to refinancing, so we aim to find the best loan according to your requirements. At Better Choice Mortgage Services Perth, we have access to over 35 different Lenders.

With over 25 years’ experience in finding our clients the best possible home loan deals, our Brokers identify a number of home loan offers to suit your needs.

Plus, we can come to you!

The Costs of Refinancing

Before deciding on refinancing, be sure to consider interest rates, and the costs of discharging your existing mortgage. Borrowers often expect extra fees and charges when it comes to changing anything about home loans. With refinancing, this isn’t always the case. Generally, brokers provide a fee-free service to find you a variety of rewarding deals and offers. You may incur costs swapping to a new Lender but in the long term, you could save thousands in interest and fees over the life of your loan. There are even Lenders that are offering you cash back of up to $2,000 to refinance!

As some of the most experienced Mortgage Brokers in Perth, Better Choice does the hard work for you.

Not Just for Home Loans

Refinancing isn’t just for home loans. You’re able to refinance most existing loans for new offers with reduced interest rates & fees. Refinance your car, personal or commercial loan or consider consolidating loans into one home mortgage to potentially reduce the interest you pay & the fees you are charged.

Learn More About Loan Refinancing with Better Choice Mortgage Services in Perth

Interested in saving interest on your home loan and paying fewer fees? Consider refinancing with Perth’s most experienced Mortgage Brokers. At Better Choice, we specialise in finding the right home loan for you. Contact us on 1300 805 221 or bdm@betterchoice.net.au today.

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