There are a number of reasons you may want to refinance your home loan:
- You may be looking for a better interest rate or new features and add-ons such as flexible repayments, redraw facilities and loan splitting
- You may be looking to use the equity in your home to renovate
- If you’re coming to the end of a fixed rate term, that’s a good time to see if you can get a better interest rate or a more flexible home loan
- You may be looking to consolidate debts such as a personal loan, car loan or credit card into your mortgage, so that it’s easier to manage your finances.
Refinancing your home loan may also offer potential tax benefits should you refinance to access equity in your home and use those funds to invest in property, shares or other wealth-building opportunities
Things to consider
When comparing home loans with a view to refinance, you should take into account any upfront and ongoing costs associated with exiting your current home loan and switching to the new loan. These may include a settlement fee, loan establishment fee, mortgage registration fee, loan service, and/or exit fees and charges.
You may also need Lenders’ Mortgage Insurance or Low Deposit Premium, depending on the circumstances of your home loan.
To help you compare CommBank home loans, you can view our standard home loan rates and fees.
Whether you already have a home loan with us or want to switch from another financial institution, our step-by-step refinance guide can make it easier for you.