Refinancing your home loan is simple with us!
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Apply OnlineHow does refinancing work?
If you decide your home loan is no longer suitable, you may be able to refinance that loan. This means the mortgage on the property is replaced with a new product, preferably one with better lending conditions (e.g. lower interest rates, better features).
Think of refinancing as a chance to review your current finances in the hopes of getting the most value for your money.
Why refinance?
Homeowners choose to refinance for reasons important to them: such as more favourable interest rates, lower (or no) fees, or adding on new features (e.g. mortgage offset accounts). Ask yourself: what are your financial goals, and is there a product with terms that are more favourable towards those goals?
Before making any decisions to refinance, consider your current financial situation along with your goals for the next three to five years.
Woolworths Team Bank offers unique refinancing options for team members
As a team member of the Woolworths Group (or an immediate family member), you can access home loans unavailable to the public at large. Plus, you don’t pay application, annual or monthly account keeping fees on your loan – making it an attractive long-term opportunity for your household.
We’re passionate about finding you a loan that meets your particular needs – now and in the future, both personally and financially.
Whether it’s a fixed or variable loan, investment or owner occupied, we have options to suit you.
Frequently Asked Questions
The fees you pay will vary depending on the product you choose. The costs of refinancing may include:
- loan establishment fees (e.g. application & valuation fees)
- settlement fees (e.g. legal cost)
- mortgage registration fees (e.g. government cost)
That being said, Woolworths and Endeavour Team Members don’t pay application, annual or monthly account keeping fees on our team member home loans.
Be sure to ask us about fees when you apply for a loan with us.
Property investors may be able to benefit from tax deductions relating to refinancing. Some of the fees an investor could expect to claim are:
- Loan establishment fees such as the application & Valuation fees
- Settlement fees such as legal cost
- Mortgage registration fees such as govt cost
- Early discharge fees
- Fixed rate loan break fees
That being said, talk to a qualified tax accountant to determine what is right for your situation.
Refinancing can save you money, but it will depend on your current home loan and the new product you plan to move to. If by moving to a new home loan you’re paying less interest and fees over the life of your loan, you absolutely could save.
When refinancing though, the goal is always to live comfortably despite having to pay off the loan. Be mindful of all the opportunities refinancing could represent for savings:
- Better loan features
- Cheaper repayments
- Lengthen (or shorten) your loan period
- Accessing home equity
- Consolidate other debts
Be sure to understand how much you stand to save, as well as any costs you’ll incur in refinancing to the new loan, by speaking with a financial advisor or talking to us before you apply.
End-to-end, the entire refinancing process can take anywhere from 2-6 weeks depending on the complexity of the loan. There are a number of factors that can influence the length of time that it takes for a mortgage refinance to go through.
