Refinancing your mortgage for a better deal
Sometimes it makes sense to switch your home loan to another bank for a better interest rate and often a hefty cash back. We’ll take a look at your options and work out a strategy to help you save money over the long run.
Refinancing is a common part of owning a home
Switching banks might require some paperwork, but if the numbers stack up it can be worth it to save you money in the long run. There are a few things to consider before making the switch:
Break fees: If you ‘break’ your fixed rate early, you’ll have to pay a fee. We can help you work it out and whether it’s worth refinancing now or if it’s better to wait.
Cash backs: Most banks offer a cash incentive (basically free money) when you bring your mortgage over to them. We use our relationships with the banks to negotiate the best cash back possible for you to do what you like with.
Clawback period: Cash backs do come with a condition, and that’s generally agreeing to stay with the bank for three years. If you’re looking at refinancing before the three year clawback period is up, they can reclaim some or all of the cash incentive.
We can run the numbers and help you work out whether refinancing is the right move for you or not.
Refinance or refix?
If your fixed mortgage rate is expiring soon, you might be wondering whether it’s better to simply lock in a new rate with your bank, or if it’s a good opportunity to refinance to another one. We can weigh up both options with you, and help you make a decision that saves you money and works with your long-term plans.
Whether you end up refixing or refinancing, our advice is free and we can negotiate with your existing bank or a new one for the best possible interest rate.
We love helping our customers pay less interest
“We have been working with Dan for advice on our fixed mortgages with Westpac. If it wasn’t for him we would’ve panicked and locked everything in for years at the worst possible time and rate! Highly recommended for insight and advice you can trust.”
- Claire & Aaron
Let’s chat.
It’s completely free to have a chat about your mortgage and get some expert advice, personalised to your situation. You can fill out our online form which will give us enough information up front to provide you with advice, or send us a message and we’ll get in touch.