Pixi is a creative multi-concept WordPress theme will help business owners create awesome websites.

Address: 121 King St, Dameitta, Egypt
Phone: +25-506-345-72


  • June 17, 2024

Methods to Refinance Your Home Loan and Reduce Monthly Repayments

Are you struggling with high monthly mortgage payments? Have you considered options to refinance your home loan to reduce the monthly impost on your income? Are you aware that with interest rates subject to fluctuation and personal financial circumstances always evolving, many homeowners and investors find it beneficial to review their current mortgage arrangements, to discover ways to reduce their monthly financial commitments?

With the help of our mortgage experts, you can potentially find a new loan with a lower interest rate and better terms than those offered by your current lender. 

You will discover that it can be a smart financial move to refinance your home loan in Melbourne today.

Here are Several Ways to Refinance a Home Loan to Reduce Monthly Payments

Secure a Lower Interest Rate

Refinancing presents an excellent opportunity to secure a lower interest rate than you currently pay on your existing home loan. 

Lower interest rates can result in decreased monthly payments, providing you with additional funds for other investments, savings, or meeting your other expenses.

Even a modest reduction in your interest rate can also  lead to considerable cost savings over the life of your loan. 

Switching Between Fixed and Variable Rates

Your existing home loan may feature a fixed interest rate for a specific period of between one and five years; a variable rate over anything from 10 to 30 years of repayments; or a combination of the two in what is known as a Split loan.

Taking into account your current situation, as distinct from that which applied when you first obtained your home loan, may allow you to refinance your home loan in a different way to reduce your monthly repayments. 

Subject to rate movements, moving from a variable interest rate to a fixed interest rate in the short term, may provide some relief from high monthly repayments. 

Likewise, moving from an expired fixed rate to a much longer term variable rate, may also provide monthly repayment relief. Be warned that moving from a current fixed interest rate loan to a variable interest rate loan can attract exit fees, which may negate most, if not all, of the benefits of switching.

Depending on your personal circumstances, splitting your home loan 80:20, 60:40, 50:50, 40:60, 20:80 between fixed and variable interest rate components, may also provide a reduced monthly repayment amount.  

Consolidating Debt

Consolidating debt can be a smart economic move for many people. Refinancing your mortgage to consolidate high-interest debt such as credit card debt, car loans and personal loans, into a single, much lower-interest home loan, can reduce your overall monthly repayment commitments and effect long term savings.

Connecting with refinance home loan mortgage brokers in Bentleigh for accurate rates and financial advice is advisable.

Choose Oz Lend for a Refinance Home Loan in Bentleigh

With our extensive experience and expertise in the financial services industry, we are dedicated to helping you find the best refinancing deal to suit your current financial situation and future goals.

  • We understand that refinancing a home loan can be overwhelming. To assist, we offer professional assistance and guidance to make the process smoother. We will work closely with you to understand your needs and develop a customised refinance solution tailored to your specific situation.
  • One key advantage of working with us is our strong relationships with over 30 lenders. These relationships enable us to access various refinance home loan options and negotiate competitive rates on your behalf. By comparing different deals from various lenders, we can help you minimise the cost of your home loan and help you to save money in the long run.
  • Our team is here to help you prepare and submit your mortgage refinance application, saving you valuable time and effort. With years of experience dealing with complex paperwork and ensuring all necessary documentation is included in the application, we can increase your chances of approval.
  • With Oz Lend by your side, finding the right home loan refinance becomes a smooth and hassle-free process. 

Trust us to guide you through every step of the way and secure a better home loan deal for your future. Contact us today to learn more about how we can help you refinance your home loan in Bentleigh.

Some Most Frequently Asked Questions

Q: What is the timeframe for finalising the approval of a refinance home loan?

A: When considering a refinance home loan with a low-interest rate, factoring in the turnaround time is essential to get everything in place. Different lenders have varying processing timelines, so it’s crucial to understand how long it will take for your potential new lender to finalise your deal. This information can significantly influence your decision-making process.

Q: Is obtaining a new property valuation necessary when you refinance?

A: When refinancing, a new property valuation will usually be necessary. Lenders often require a valuation to accurately determine the property’s worth before finalising the refinancing transaction. This step is crucial as it gives the lender a precise assessment of the property’s current value before taking it on.

Google Rating