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What are the benefits of refinancing your home loan?

The main benefits people receive from refinancing include a lower interest rate, lower monthly repayments and a shorter loan term. However, there are a number of reasons why you may choose to refinance and take advantage of these benefits.

To take advantage of market changes. Depending on your existing loan, you may consider refinancing after changes are made by loan providers and the Reserve Bank of Australia (RBA). For example, if you’re currently on a variable rate, but interest rates drop, you may decide to refinance to a lower 2 year fixed rate to lock in the better rate.
To access cash for a home improvement or other personal expenses. Cash-out refinancing (otherwise known as an ‘equity release’) allows you to liquidate a portion of the equity in your property by increasing the principal on your loan. You can use this for eligible personal purposes, such as home improvements, car purchases or to pay off other debts. With Qantas Money, equity release is available on loans under $2M. Find out more here.
To secure a product that suits your changing needs. Your financial situation and needs may change during the life of your loan. As factors such as your income or loan-to-value ratio (LVR) improve, you may find that different loan products suit your needs better. This could extend to finding a product with rewards and benefits that enable your lifestyle, such as a Qantas Money Home Loan.

You can use our refinancing calculator to understand the options available with Qantas Money.

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What are the benefits of refinancing your home loan?

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