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Bankwest Refinancing

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What is refinancing a home?

Refinancing is the process of taking out a new mortgage in order to pay off your existing home loan either with the same lender or a different provider. Many people choose to do this in order to get a better rate on their home loan.

What is the advantage of refinancing your home?

There are a range of benefits to refinancing your home loan. It can allow you to take advantage of better interest rates and terms, switch from a fixed loan to variable (or vice versa), shorten the term of your mortgage and gain access to the existing equity in your home for other purposes (for example, buying a car or renovating your home).

What is the disadvantage of refinancing your home?

Refinancing your home can also come with a range of disadvantages. If you’re not careful, it can mean you’re locked into a longer loan term (which means it will take you longer to pay off your mortgage, or an interest rate that isn’t as good as you thought it was (if it changes in the time between application and settlement)  There’s also a range of costs involved in refinancing, and applying for your new loan can negatively impact your credit score.

What happens when you refinance?

When you are refinancing your home, you are applying for a new mortgage and ending your existing one. It generally involves a similar process to applying for your first home loan.

How soon after refinancing can you refinance again?

There’s no hard and fast rules as to how often you can refinance. However, some banks have waiting periods of around six to twelve months. You’ll also want to assess your financial situation to ensure you’re in a good position to do so, and it’s generally not recommended that you refinance more than once every two to three years due to the impact it can have on your credit score.

How much can you save by refinancing your mortgage?

Refinancing your home loan can save you tens of thousands of dollars over the course of your mortgage by reducing your interest repayments and term.

Do you need a lawyer for refinancing a mortgage?

You don’t need to personally hire a lawyer when refinancing your mortgage. However, it’s recommended you work with an experienced broker who will engage a lawyer or solicitor on your behalf to prepare your loan documents.