Does refinancing really save you money?

In a time when every dollar counts for household budgets, it’s no surprise so many Australians are looking to get a little breathing room from their mortgage repayments. But can refinancing your home loan really make a difference to an everyday household budget?

Should you refinance your home loan?

There are many different reasons why people choose to refinance their home loans, with each person’s decision being based on their own unique circumstances. Here are a few popular reasons why some people choose to refinance, to help you work out if one or more may apply to you at this time:

How long does it take to refinance?

Refinancing your home loan can help you enjoy a range of benefits, from lower interest rates to flexible features and benefits. However, the process of refinancing will require some time and effort. Depending on the lender and your financial situation, the refinancing process could take anywhere from a few weeks to just three days.

A guide to single-parent home loans

If you’re a single parent with a single income, getting a home loan approved may seem daunting. However, being prepared and not rushing into a decision may help you get through the process with minimal stress. Spending some time doing your research and preparing your finances early can help make the process as smooth as possible.

How to find the right home loan when self-employed

While there may not be restrictions on the kinds of loan you can apply for as a self-employed borrower, you may have to work harder to prove to lenders that you can repay the home loan. It’s important to study all borrowing options available to you before choosing a mortgage, as the best home loan for a self-employed borrower may not be the best choice for another.

What is a negative equity home loan?

When you buy a house or other property, you may expect its value to keep rising. However, there are certain conditions that could lead to the house and land value falling. 

Some of the best home loans for investors and refinancers in March 2023

Following the most recent hike to the national cash rate, low home loan interest rates are becoming much harder to find. Australians hoping to refinance the mortgage on their home or investment property may need to carefully compare the available options to make sure they’re getting a deal that suits their budget and personal goals.

Who is still offering low-rate home loans after the March 2023 rate hike?

The Reserve Bank of Australia (RBA) has raised the national cash rate at every one of its last ten meetings, taking it from the record low of 0.10% to 3.60% in March 2023 - the fastest hiking cycle in decades. With banks and mortgage lenders passing this increase on to home loan customers, mortgage rates starting with a 4 are becoming much harder to find, though a small number may still be available.   

Which banks have hiked savings account and term deposit rates in March 2023?

The Reserve Bank of Australia’s (RBA’s) mission to bring down high inflation has seen the national cash rate increase for the 10th straight monthly meeting as of March 2023. With several Australian banks and Authorised Deposit-taking Institutions (ADIs) passing this rate rise on to savers, more Australian savings account interest rates are starting to hit the 5.00% mark.  

How to structure your mortgage to reduce interest

Minimising the interest charged on your home loan can not only save you money on your repayments, but potentially help you pay less interest on your property in total. You may need to think about how your mortgage is structured and set up, as different home loan options may affect how your interest is charged and paid.