Refinancing Home Loan

If you are looking to refinance an existing home loan, you are probably looking to save some money that can be used in better ways than just paying the bank. Unless you arranged your home loan less than 2 years ago, you may not be aware that the process to obtain finance has changed a little. The positive is that the changes protect you as a consumer better but this means that the amount of forms and documents required is higher than before.

Refinancing is typically pretty simple and usually takes about 4 weeks from application to settlement. At Orange, we will manage the entire process for you.

If you are planning a home loan refinance, you may want to consider:

  • Consolidate some debts?

    If you have enough equity in your home, it may be wise to consolidate any existing debts. If you have any personal loans or other loans at a higher interest rate, it may be cheaper to consolidate your debts into your home loan refinance.

  • Take some cash out for renovations

    If you are thinking of some renovations, it may be appropriate to co-ordinate this with your refinance. It may be possible to take some cash out after you refinance but it will mean a whole new application.

  • Looking at other home loans you may have

    Many lenders give lower interest rates if you have multiple home loans. It may be time to look at your other properties to get a better deal.

  • Look at the additional costs involved

    There may be exit costs or break costs for your existing home loan in addition to costs for the new home loan. At Orange, we give you all the costs associated with your refinance options so you can make an informed decision about whether refinancing makes sense.