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NAB Refinancing

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How can refinancing lower your mortgage?

Refinancing can help you save money by reducing the term of your mortgage, which means you pay less in interest payments. It can also allow you to take advantage of lower interest rates.

How do you determine if I should refinance my mortgage?

There are a few factors that can influence whether it’s the right time for you to refinance. If the length of your mortgage is over 15 years, you have a high-interest rate loan and refinancing will reduce your interest rate by at least 2%, it might be a suitable choice for you.

How does home value affect refinancing?

The value of your home determines the refinancing rate you’ll be able to secure. If a valuation indicates the value of your home has increased, it can give you access to a better interest rate or allow you to get more cash out.

How much can I save refinancing my mortgage?

Refinancing your mortgage can lead to significant savings in a number of different ways. Not only can it help you pay off your mortgage sooner (and therefore, make less interest repayments) but it can help you secure a lower interest rate. It also gives you the opportunity to consolidate your debt into one account, which can simplify repayments and put more cash in your pocket through reduced fees. While there’s no hard and fast rule, it’s been said that refinancing can save you up to $20,000 over the course of a mortgage.

How can you avoid LMI when refinancing?

Lenders are required to pay LMI (lenders mortgage insurance) when borrowing more than 80% of their home value. So, the easiest way to avoid LMI when refinancing (so that you don’t pay to pay it twice) is to pay down your loan account to less than that amount before switching.

How can you get equity out of your home without refinancing?

Some other ways you can tap into the equity of your home without refinancing include taking out a home equity loan, cash-out refinance or personal loan.

How can you qualify to refinance your mortgage?

The requirements for refinancing are similar to securing any kind of loan you must have a strong credit score and a steady income and savings history. You will also generally need to have at least 20% equity in your home to qualify.