Big dreams? Refinancing could help you get there
Our home loan options factor in the ups and downs of real life, making sure you’re always ready to get ahead. Refinancing can help reshape your financial situation so you can do the things that matter to you.
What does it mean to refinance? Home loan refinancing is when you take out a new loan to pay of your mortgage, this could be with your existing lender or through a different financial institution. When you refinance, your current home loan is paid out by the new loan and you make repayments towards the new loan. Refinancing to a lower interest rate may reduce your monthly mortgage repayments, although the overall amount you pay will vary depending on the new term of the loan. Likewise, it could help you to consolidate debts or bring multiple mortgages together with one lender so you can streamline your financial commitments. What’s more, even if you’ve had a few blips on your credit score, you may still be able to refinance your home loan.
If you’ve been paying off your home loan for several years already, you may take advantage of your home's value to access cash. Equity (the market value of your property minus what you owe on your mortgage) could be used for cash-out, allowing you to pay for the kids’ education, buy a boat, make renovations that can increase your home's property value, or even acquire an investment property.