The decision to refinance your home loan is a big step and can be quite daunting, although it doesn’t have to be.  EasyPlan is here to take the hassle out of refinancing your home loan.

Whether you want to refinance your home loan or consolidate your debt, an EasyPlan Home Loan Specialist can assist you with the many benefits of refinancing including:

  • Consolidate all your debts (i.e. credit cards, personal and home loans etc) into one easy payment
  • Access your home equity to invest in property or fund your renovations
  • Upgrading
  • Downsizing
  • Pay off your loan earlier, or simply looking for a better deal on your home loan.

One of our EasyPlan Home Loan Specialists will compare various different loan types available and tailor a loan that is best suited to your needs. The more information you can provide such as income and home loan statements, the quicker the process will be.

There are many reasons that you may choose to refinance your home: Finding a better interest rate, consolidating your debt so it’s all in one place or drawing some extra cash from your home equity.

Switching to a lower interest rate can reduce your monthly home loan repayments and the time it takes to pay off your loan. There can be unexpected costs, so make sure you weigh up the expense against the potential savings.

Switching to a loan that meets your needs. The best home loan for you yesterday may not be the best home loan today. You may want the security of a fixed rate home loan, or the lower interest rate of a variable rate home loan. Maybe you’d like to explore the possibility of a redraw facility, an offset account or the convenience of loan portability. Your home loan should be working for you, not the other way around!

Consolidating your debt is great if you have more than one loan. By combining several smaller high-interest loans into one low-interest loan, not only are you paying everything off at once but you may also reduce your monthly repayments, saving you money.

Drawing on your home equity gives you the opportunity to achieve some personal goals – anything from investing to taking a holiday. Home equity is the difference between what you owe on your mortgage and the value of your home, so if you’ve been making repayments for a few years, you probably have quite a lot of home equity to draw from.

After you’ve gone through the process of considering whether or not refinancing your home is the right option for you, actually going about it is the easy part. One of our EasyPlan Home Loan Specialists will find the perfect loan to suit your needs, saving you the hassle of trying to sort through hundreds of loan options by yourself.

Depending on why you’re refinancing (for example, if you’re switching to a loan with a lower interest rate) there may be costs associated with paying out your original home loan early. Our EasyPlan Home Loan Specialists will weigh up these potential costs against your estimated savings so you know straight away whether you will benefit from refinancing, or whether you should stay with your current home loan.

Once you have made the decision to refinance and have the perfect loan lined up, refinancing is very similar to applying for your original loan.

To support your application, you’ll need:

  • Any recent payslips, to show you are still able to afford repayments
  • Statements regarding any existing loans, including your home loan, and evidence of repayments
  • Your latest council rates notice
  • A copy of the building insurance policy you have for your home

When your new loan is approved, your new lender will pay out your existing loan, receive the title deeds to your property and lodge a Discharge of Mortgage document for your state or territory. Then you can start making repayments to your new lender while enjoying all the benefits of refinancing.