Refinance Your Home Loan
We’ll help you re-assess your home loan
We’ll help you re-assess your home loan
It may be that you've had your home loan for some time, or your circumstances have changed since you first took out your mortgage. Or you may be looking to consolidate your debts into your mortgage.
Refinancing your home loan can help you save on your mortgage with a lower interest rate and add flexibility and features to your loan to suit your change in lifestyle.
Home loan refinancing involves negotiating a better deal with your current financial institution or taking out a new home loan with a lower interest rate to help you save on your monthly repayments. It's a good idea to get an annual health check for your loan to review whether the interest rate and loan features are still right for you.
Some great reasons to refinance your home include:
Refinancing your current home loan may save you money in the long run, but there are some costs to consider when you're refinancing. These include:
|Break costs or exit fees||Chat to your current lender about any potential fees or exit costs for repaying your home loan.|
|Settlement Fees||To be paid to your lender for attending settlement.|
|Home Loan Application fees||These may be charged on your new home loan. Our Clear Path Variable Rate Home Loan has no application fee and includes a free valuation.|
|Mortgage refinance registration fees||If switching financial institutions, you'll need to consider any government fees that may be applicable.|
When comparing home loans, it's important to look at all the features of a home loan to see whether it's right for you. Here are some things to consider.
Know what your repayments are for peace of mind
A fixed rate home loan gives you the certainty of knowing exactly what your repayments will be for up to 5 years, while protecting yourself against any potential interest rate rises.
Our most popular low rate loan, packed with features
If you're looking for a fully featured, cheap home loan with a low rate, our Clear Path Variable Rate Home Loan is for you!
BOQ has a range of great home loan features to add flexibility to your loan that may suit your needs, which include:
Compared to the first time you applied for your home loan, refinancing your home loan is a much easier process. Here's a simple breakdown on the home loan refinancing process:
BOQ's Clear Path Home Loan is available only for new home loans and is not available for refinance of existing BOQ facilities. Conditions, criteria and fees apply. Full terms and conditions are available online or at any BOQ branch. Interest rates quoted are indicative only, and are subject to change without notice.
^Comparison rates calculated on the basis of a loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for variable Interest Only loans are based on an initial 5 year Interest Only period. Comparison rates for fixed interest only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Information current as at 02/07/18.
4Offer available for minimum $150,000 new to bank owner occupied lending only. For applications received from 02/07/2018. Maximum LVR up to 80%. Not available for Interest Only lending. Not available for the refinance or restructure of existing BOQ loans, construction home loans or Self-Managed Super Fund loans. Full terms and conditions available online at www.boq.com.au. Conditions, Criteria and Fees Apply.
^^Available for new to bank owner occupied lending only. Maximum LVR up to 80%. Not available for Interest Only lending. Not available for the refinance or restructure of existing BOQ loans, construction home loans or Self-Managed Super Fund loans. Full terms and conditions available online at www.boq.com.au. Conditions, Criteria and Fees Apply.