Car Loans Australia :: Articles

Is now the right time to refinance your home?

Why should you consider refinancing your home mortgage now?

Is now the right time to refinance your home?

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

So, interest rates have changed since you took out your home loan and you think it could be time to refinance your existing mortgage? But the entire loan application process was so exhausting during the initial loan that you're not sure it's worth the hassle? Maybe this article will be of help.
You could very well be right, but there are some things you can do to help decide whether it's time to refinance your mortgage.

Interest rate

The first thing you need to verify is the interest rate for your existing mortgage - and the interest rates being offered across the board for new loans.
If there's not at least a one and a half to two point difference, you're probably not going to be significantly better off to refinance your mortgage.
Here's why.
Remember those costs on your initial mortgage?
You probably paid for a valuation, perhaps a building expection, lenders fees ... not to mention stamp duty!
Time to Refinance?
Image for Time to Refinance?If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you!
Depending on how long it's been since your original loan, you may be faced with having those processes repeated.
Especially if you are going with another lender, have had the existing mortgage for at least two years, have made major modifications to your home or property, or have seen some significant variations in property values in your area, you're probably going to be required to have a new valuation at the very least.
Remember, it's important to take these costs into consideration when comparing the amount you're going to save on a slight drop in interest rates ... it may take many months ... or even years to recoup those expenses.

Costs

Don't forget that you'll likely have some additional costs from the lender on the new mortgage (you are, after all, taking out a new mortgage even though you have an existing loan) and, in some cases, you may even be facing penalties for paying off your existing loan early.
Weigh those costs against what you expect to save before you take this step.
So, does that mean that you should never refinance an existing mortgage?
Actually, there are plenty of opportunities when refinancing your mortgage makes good financial sense.

Valuation

If you've significantly increased the value of your home or have been paying for several years, you may have enough equity to qualify for a better interest rate.
You may also lower monthly payments or refinance to make improvements.
In the end, it's up to you to weigh the costs of refinancing your mortgage and decide if the time is right for you to take this step.
We have provided for your assistance a free mortgage refinance calculator to help you do the sums.
We can also provide you with a free home loan refinance assessment. Just visit our home loans page.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


Car Loans Articles

The Pros and Cons of Car Loans for Used Vehicles in Australia
The Pros and Cons of Car Loans for Used Vehicles in Australia
With the rising cost of living, many Australians are opting for used vehicles as a cost-effective alternative to brand-new cars. Buying a used car can offer significant savings, reducing the initial financial burden while still providing reliable transportation. - read more
Car Loans: Secured vs Unsecured
Car Loans: Secured vs Unsecured
Car loans play a pivotal role in empowering individuals to afford their own vehicle, which can be a significant purchase. These loans, structured to fit within one's financial situation, can ease the burden of acquiring a car and assist in achieving personal convenience and mobility. - read more
Avoid the Pitfalls: Common Mistakes to Avoid When Seeking Car Finance
Avoid the Pitfalls: Common Mistakes to Avoid When Seeking Car Finance
Entering the world of car finance can be both an exciting and daunting venture. With a plethora of options for car loans in Australia, it is essential for potential buyers to arm themselves with knowledge to make the best financial decision. A well-informed choice can be the difference between a loan that propels your personal mobility, and one that hinders your financial stability. - read more
From Fuel to Finance: A Comprehensive Breakdown of Car Costs
From Fuel to Finance: A Comprehensive Breakdown of Car Costs
When it comes to owning a car in Australia, many of us view it as a symbol of freedom, an essential convenience, or even a reflection of our personal style. Yet, for all the road trips planned and errands run, the cost of owning a car extends well beyond the sticker price. - read more
Pre-purchase Checklist for Auto Buyers: Ensuring Financial Readiness
Pre-purchase Checklist for Auto Buyers: Ensuring Financial Readiness
Buying a car is an exciting milestone, but it's crucial to approach the process with a clear financial plan in place. Before you get swept away by the shiny showroom models or the thrill of a test drive, understanding the financial implications of purchasing a vehicle can save you from future stress and unwanted debt. Preparing before applying for a car loan is not just recommended; it's a necessary step that directly influences loan terms and your chances of approval. - read more

Finance News

How Digital Finance is Transforming Car Purchases in Australia
How Digital Finance is Transforming Car Purchases in Australia
10 Apr 2026: Paige Estritori
The landscape of car purchasing in Australia is undergoing a significant transformation, driven by the rapid adoption of digital finance solutions. Traditional methods of securing car loans are being replaced by streamlined online processes, offering consumers faster approvals and enhanced convenience. - read more
Car Loan Interest Rates Forecast 2026: What to Expect
Car Loan Interest Rates Forecast 2026: What to Expect
10 Apr 2026: Paige Estritori
As we progress through 2026, prospective car buyers in Australia are keenly observing the trends in car loan interest rates to make informed financing decisions. Several factors are poised to influence these rates, and understanding them can aid consumers in navigating the lending landscape effectively. - read more
How Digital Finance is Transforming Car Purchases in Australia
How Digital Finance is Transforming Car Purchases in Australia
02 Apr 2026: Paige Estritori
The landscape of car purchasing in Australia is undergoing a significant transformation, driven by the rapid adoption of digital finance solutions. Traditional methods of securing car loans are being replaced by streamlined online processes, offering consumers faster approvals and enhanced convenience. - read more
ASIC Calls for Strengthened Consumer Protections in Car Finance
ASIC Calls for Strengthened Consumer Protections in Car Finance
02 Apr 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the nation's motor vehicle finance sector, uncovering significant issues that raise concerns about responsible lending practices. The findings indicate that some consumers are being subjected to exorbitant fees and are defaulting on their loans shortly after approval. - read more
Why Australians Are Turning to Novated Leasing in a High-Interest Market
Why Australians Are Turning to Novated Leasing in a High-Interest Market
02 Apr 2026: Paige Estritori
In the current economic climate, characterized by elevated interest rates and high vehicle prices, Australians are increasingly exploring alternative methods of financing their car purchases. One such method gaining popularity is novated leasing, which offers a cost-effective and tax-efficient alternative to traditional car loans. - read more

Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.

Let's help find your car loan!

Loan Amount:
Postcode:
All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future.