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    Is It Time to Refinance?

    August 7, 2023
    Is it time to refinance your home loan and compare lender rates

    When our car or home insurance expires each year, we naturally shop around to ensure value for money. However, because home loans span 25 to 30 years, borrowers aren't automatically prompted to review their rates.

    On average, Australian borrowers only refinance every 8 to 10 years. We strongly recommend conducting a home loan review at least every 2 to 3 years to ensure your lender remains competitive.

    Triggers to Consider Refinancing

    • Increased Property Equity: Property value gains enable lower Loan-to-Value Ratios (LVR) which unlock tier-one discounted interest rates.
    • Income Changes: Returning to work or receiving salary increases boosts borrowing capacity and enables faster loan principal paydowns.
    • High-Interest Debt Consolidation: Merging car loans, personal loans, or credit cards into a single lower-rate home loan repayment.
    • Accessing Features: Adding 100% offset accounts, redraw facilities, or split fixed/variable interest rate arrangements.

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    Have questions about your home loan or borrowing power?

    Speak to our qualified mortgage brokers at Gateway Finance today for tailored advice and an obligation-free strategy session.

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