Refinancing is simply the process of replacing your current home loan with a new home loan that has different terms and rates. This could involve changing lenders or changing your current loan with your current lender.
There are many reasons and benefits as to why people refinance, including:
While you can generally switch home loans whenever you like, it may be best to wait until you’ve had your current mortgage for at least 12 months as the costs associated with paying off the existing loan and in establishing the new loan may outweigh any benefit of a lower interest rate.
Yes, but this can also depend on several factors, including the current value of your property and your ability to make the repayments for the loan amount you are requesting.
~Redraw is subject to Auswide Bank's discretion – limits may apply.
+A break cost may apply if the fixed loan is paid out in full or any change made to the loan structure within the fixed term.
*Full details of the Freedom Package are available in the Freedom Package Schedule of Benefits and Freedom Package Terms & Conditions. As per the Freedom Package terms and conditions, some benefits will not be applied to your products unless you advise us that you're a Freedom Package customer. Freedom Package benefits not available on Bridging Loans.
This information is a summary of features & benefits only. This is not an offer to lend - credit assessment criteria, terms and conditions & fees and charge apply - full details on application. Loans are only available to approved applicants offering security in approved property in Australia. Prior to entering into a credit contract with us you should read our Credit Guide.