Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
The home loan refinancing gold rush that could save you up to $25,000.
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If you're paying more than 4.00% interest on your home loan, you're probably paying too much!
Refinancing Deals Under 4.00%Click here to discover Home Loans under 4.00% that you can refinance to right now
Unhappy with your current home loan? Then it's time to look at refinancing. It's an increasingly popular option: more than a third (35%) of all mortgages organised in June 2015 involved refinancing, up from just 32% the year before, according to ABS Housing Finance data.
Why is refinancing on the rise? One obvious reason is that many banks have put up their interest rates for borrowers, despite the fact that official rates have been unchanged for six months. But that doesn't mean you can't get a good deal: you just have to look around and compare your options. On a $300,000 loan over 30 years, a difference of 0.6% in interest rates can mean an extra $36,000 extra in your pocket over the lifetime of the loan.
What does refinancing involve?
Refinancing moves moving your mortgage from one lender to another to access better rates or features. Typically this will involve changing providers, but you can also refinance with your existing bank. Our detailed guides will help you with each stage in the refinancing journey:
The steps to refinancing your mortgage
2. Research the costs that will be involved to make sure you'll be saving overall.
3. Compare current home loans on the market or enlist the help of a mortgage broker.
4. Speak to your current lender, as they may offer a better deal to try and retain you.
Learn more about refinancing with our step-by-step guide.
Below is finder's refinancing home loan comparison table, complete with up-to-date rate information from a range of lenders. Enter the amount of your current mortgage and you can see what your repayments would be with different lenders. To find out more about a loan from a particular lender click on the "go to site" button to lodge an enquiry or begin an application.
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