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Refinancing a home loan can save you money on interest payments, adding up to 10’s of thousands over the course of a loan. Reducing monthly mortgage payments also helps with cash flow. And when you consider the array of cash-back incentives on offer from lenders, refinancing your home loan could be a no-brainer!

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Benefits of Refinancing a Home Loan

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Shorten Your Loan Term

If you’re able to refinance to a shorter loan term, you may be able to save money on interest as well. For example, if you have a 30-year mortgage with 25 years remaining, and you refinance to a 15-year mortgage, you’ll pay off the principal faster and save on interest over the remaining life of the loan.
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Refinance Cashback Offers

It's a competitive space and banks offer cash incentives to lure new customers via refinancing, often in the range of $2,000 to $4,000 or more. So even if your rate only reduces slightly, you’re likely to end up with some extra cash in your pocket, or use it to offset any break fees. It really is a win win situation!
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Lower Rates & Repayments

Refinancing could save you money on interest payments over the life of the loan. For example, if you have a 30-year mortgage for $300,000 with an interest rate of 6%, your monthly repayment would be $2,763, while at an interest rate of 5%, your repayment would be $2,387, that’s almost $100 a week of savings!
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Refinancing Process is Free

At BlueRock, the refinancing process is completely free for our clients. However, you need to aware of any mortgage exit and penalty fees that may apply to you. Our knowledgebale mortgage brokers will help you navigate these fees and ensure you only go through refinancing if it means you'll be better off overall.

How Long Does it Take To Refinance a Home Loan?

The entire process, from consultation to settlement, usually takes a few weeks. But trust us, it's worth the wait (and your time).
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    Step 1 - Initial Consultation

    We have an initial consultation of up to 45 minutes, either in person or via video call, where we discuss your current and proposed banking facilities. This consultation, like the whole process, is free!

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    Step 2 - Gather Documentation

    We'll ask you to provide the information we need to get the ball rolling. This includes the details of your current mortgage and repayment history, copies of your payslips, household spending and more. Don't worry, we make it easy.

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    Step 3 - Analysis & Research

    Once we receive all the necessary documents, our team will analyse the information and use it to understand how much refinancing your mortgage could save you. We then identify and provide you with the three most suitable refinancing options.

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    Step 4 - Decision Time

    We'll meet again to talk through the options and we'll help you choose the right one. We then process your application with the bank and keep you updated until the loan settlement goes through.

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Book a Home Loan Health Check

Home loan interest rates have been rising rapidly. If your numbers are starting to look a little scary, or you think a better deal might be out there for you, book in for a free consultation on your mortgage options.
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