Refinance Loan
Why Refinance?
There are several reasons as to why refinance can be of aid;
It allows you to consolidate your debts.
It allows you to pay down your mortgage more quickly.
It allows you to access equity for purposes such as renovation.
It allows you to take advantage of a lower interest rate from another lender.
It allows you to switch to a lender with lower lending costs to help you manage your monthly repayments.
What to Watch Out For
When refinancing, there are many things to be aware of so that you don’t find yourself hooked into a bad deal;
Getting a low interest rate does not necessarily mean a good deal.
Honeymoon rates, also known as discounted introductory rates are only temporary. Once this period is over, the interest will revert to a higher standard variable for the rest of the loan term.
Understand fees associated with the loan, e.g. discharge fee, application fee, valuation fee, mortgage insurance, stamp duty, etc.
Current Cashback Offers
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ANZ $3,000
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Bank of China $1,688
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Bank of Melbourne $2,000
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Bank of Queensland $2,500
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Bank of SA $2,000 per property
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Bankwest $2,000
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CBA $2,000
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Citibank $2,000
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Heritage $2,000 for First Home Buyers with LVR >80%
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ING $3,000
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MyState $2,000
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NAB $2,000 per property
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St George $2,000 per property
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Suncorp $2,000 (Loans <$750k) + $1,000 (Loans $750k+)
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Westpac $2,000 per property + $1,000 for first application only