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ING Refinancing

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FAQs

What does refinancing your home mean?

Refinancing means applying for a new home loan to pay off your existing mortgage. It’s a popular choice for homeowners who want to gain access to a better interest rate, consolidate their debts or gain access to equity in their home loan.

What is the process of refinancing a home loan?

The process of refinancing generally involves speaking to your current lender to see if they can get you a better home loan package. Then, you would need to apply for a new home loan and exit your existing one either with your current provider or a different one.

How much can you borrow when refinancing?

You can normally borrow up to 80% of your home’s current value when refinancing. You will need to have your home valued so the lender can assess your current LVR (loan to value ratio) and determine this account.

Is refinancing a mortgage a good idea?

If you’re unsatisfied with your current home loan, can easily cover the costs involved in refinancing, have a solid credit score and still have plenty of time left on your mortgage, refinancing can be a good idea.

How does home value affect refinancing?

If the value of your home has depreciated, you may not be eligible to refinance. However, if the value has increased considerably, you may be able to get access to even better interest rates.

How long should you stay in your house after refinancing?

If you refinance to a home loan with an owner occupier clause, you may be required to stay in your home for 6 to 12 months after refinancing. Otherwise, you will likely be free to rent out your property or sell immediately if you choose to.

How can refinancing save your money?

Refinancing can lead to significant savings in a number of ways. Firstly, it normally allows you to get access to a better interest rate, which can save you thousands of dollars down the track. You may also be able to switch to a shorter mortgage term and pay off mortgage your faster, which means less interest repayments. It can also allow you to consolidate multiple debts, which can streamline your finances and reduce the amount of fees you’re paying.