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What are the benefits of refinancing your home loan?

Benefits of refinancing include a lower interest rate, lower monthly repayments and a shorter loan term. Some circumstances to review when considering refinancing include: 

  • Market changes: When changes are made by the loan providers and the Reserve Bank of Australia (RBA). For example, if interest rates drop and a better rate is offered on a different loan to your current loan.  
  • To access cash for a home improvement or other personal expenses: Cash-out refinancing (otherwise known as an ‘equity release’) is when a portion of the equity in your property is released by increasing the principal on your loan. The equity can then be used for eligible personal purposes, such as home improvements, car purchases, or to pay off other debts. With Qantas Money Basic and Offset Home Loans, equity release is available on loans under $2M. For our Atlas Home Loan, equity release is available for loans under 90% LVR (limited to 20% of the security value if the LVR is over 80%). Find out more.
  • Your needs change: Factors such as your income or loan-to-value ratio (LVR) may change, and a different loan may suit your needs better.

You can use our refinancing calculator to understand the options available if you choose to refinance with a Qantas Money Home Loan.

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