Refinance Your Home Loan
We'll walk you through refinancing your home loan
We'll walk you through refinancing your home loan
When was the last time you took a long hard look at your mortgage? Maybe you've had your current home loan for some time, or maybe your circumstances have changed since you first took out your mortgage, or maybe you're looking to consolidate your debts into your mortgage. It's also possible you may have seen a lower rate elsewhere, either way making the decision to refinance your home loan could be a good idea. Refinancing could potentially save you thousands in interest repayments with a lower interest rate and added financial flexibility to suit your lifestyle change.
The journey to refinancing your home loan is similar to venturing into the great unknown and can be filled with endless challenges and difficult decisions that need to be made. We've gone to great lengths to break down the jargon barriers and help you navigate your home loan refinancing journey with ease.
Here are some of the benefits of banking with us when you're refinancing your home loan:
Refinancing your home loan can be a life-altering venture with many highs and lows along the way. Either way, we're here to help simplify the process.
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 have an annual health check on your home loan to review whether the interest rate and loan features are still suited to your needs.
When refinancing your home loan it's important to consider all your expenses, including not only the more obvious upfront costs, but also the ongoing costs too.
These tools make it easy to calculate how much you can save based on your income and expenses. These calculators can also help you determine what you're spending and where and how you can monitor your monthly expenses to make your move easier.
When you're applying for a refinancing home loan the lender will asses you on many factors. One factor will be what equity you currently have. The assessment will be broken down into three categories; what you earn, what you owe, and what you own. Your eligibility to qualify for refinancing will also take into account the specific home loan you're applying for.
What you earn
What you own
What you owe
When making the choice to refinancing your home loan there are some other considerations you may want to think about when making your final decision.
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:
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!
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 11/01/19.
4Offer available for minimum $150,000 new to bank owner occupied lending only. For applications received from 18 April 2019. Maximum LVR up to 90%. 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. Information current as at 18 April 2019.
3Available 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.
9BOQ’s Clear Path Variable Home Loan is available only for new home loans. Not available for the refinance or restructure of existing BOQ loans or Self-Managed Super Fund loans. Maximum LVR up to 98% with lenders mortgage insurance and principal and interest payments. Maximum LVR up to 90% with lenders mortgage insurance and interest only payments. Rate not available for Interest Only lending. Full terms and conditions available online at www.boq.com.au. Conditions, Criteria and Fees Apply.