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4 features to supercharge your refinancing this year


Refinancing your home loan doesn't have to involve excess hassle. We show you the lender features to look for that can streamline the process.

Sponsored by Newcastle Permanent. Refinance your home loan online with Newcastle Permanent and you could get $3,000 cashback. Min Loan ≥$250k with LVR ≤80%. Offer may be varied or withdrawn at any time. T&Cs, fees, charges and credit criteria apply.

Every year or so, it's worth reassessing your home loan to see if it's still suited to your needs. If it's not, it might be time to consider refinancing.

Refinancing doesn't have to be complicated, either. By looking for the right features in a lender, you've got the potential to supercharge the whole refinancing process.

Today, we take a look at some of the important considerations when you're considering a lender.

Learn more about refinancing with Newcastle Permanent

👋 Hey there! We've partnered with Newcastle Permanent for this article, so we'll be using some examples of its products throughout. However, you should always do your own research and make sure to always read the product terms and conditions to see if a product suits your needs.

1. Cashback offers

Having some extra cash is always handy, and it can be especially useful when you're in the process of refinancing your home loan.

Cashbacks can generally be used however you want. You might want to put some funds into your savings, contribute to home renovations, pay off some bills or use it to help cover the cost of refinancing itself.

Alternatively, you might just want to pay it straight into the loan and reduce what you owe on the loan itself!

So, opting for a lender that offers cashback when you refinance can help put you in a better position overall.

For example, Newcastle Permanent is currently offering eligible customers $3,000 cashback when you refinance with them via an online application.

Though there are multiple factors to consider before you refinance, keeping an eye out for features like this can help supercharge your refinancing process.Picture not described

2. Online applications

Refinancing used to mean that you had to put together a complicated paper trail, wrangle information and have complex in-person meetings. You'd be inconveniencing yourself for weeks – or sometimes even months – at a time!

The good thing is that the refinancing process has evolved over the years. Now you're able to apply online from just about anywhere, and get a speedy turnaround on whether or not you're approved.

For example, an online application with Newcastle Permanent typically takes only 15 minutes.

In practical terms, this means that you don't need to take time off work for appointments; you're also in the driver's seat and able to take control of your own refinancing journey.

You're also able to speak to a real person through the process, too. You can still arrange to speak with a lender over the phone or in person if you prefer extra guidance along the way.

3. Lower interest rates

Lower interest rates tend to be one of the main reasons people choose to refinance. It's no secret why – the lower your interest rate, the lower your repayments will generally be. In turn, this can also reduce the overall amount you need to repay on your home loan.

With this said, you always need to be on the lookout for fees. If you're not careful, the benefits of a lower interest rate can be chewed up by costs like account-keeping fees. So make sure you have a clear idea of any expenses before you refinance.

However, with the right combination of factors, you can also make refinancing your home loan a viable means of wider debt consolidation.

In conjunction with other features like flexible repayments and shorter loan terms (more on both in a moment), you may be able to significantly reduce how much you end up paying on your home loan overall.

However, you should always factor fees into the equation.

Of course, it's important to look for a home loan with a low interest rate. Both fixed and variable home loans offer advantages, so if you're unsure which is best for your needs, it may be worth speaking with a financial professional.

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4. Flexible repayments

Traditionally, home loans have tended to have pretty rigid repayment schedules. But these don't always align with the realities of life – differing pay cycles and unexpected expenses, to name a couple.

However, flexible repayments allow you to better arrange your repayments to align with your finances. They can also be adjusted as your circumstances change over the lifespan of your loan.

If your current loan doesn't have flexible repayments, it can be a worthwhile feature to look at adding if you decide to refinance.

Flexible repayments can also mean that you're able to make additional repayments as part of your loan.

Making extra repayments can help you get ahead on your loan and pay it off more quickly. In turn, this can save you on your overall interest costs.

Discover more about refinancing your home loan with Newcastle Permanent

Sponsored by Newcastle Permanent. Refinance your home loan online with Newcastle Permanent and you could get $3,000 cashback. Min Loan ≥$250k with LVR ≤80%. Offer may be varied or withdrawn at any time. T&Cs, fees, charges and credit criteria apply.

Compare other home loan refinancing options here

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