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Monday Moneyvators: Refinance to a better home loan deal

Rhianna Dews

Monday 22 July 2019

Dragging your heels to work this morning with a severe case of Mondayitis? It sounds like you need a bit of Monday motivation. Lucky for you, we’ve got just the thing to switch you into gear! 

This week’s Monday Moneyvator is all about refinancing your home loan. Now, this might not sound like the most exciting way to kick off your week but trust us. Nothing feels better than scoring a great deal, especially if you’re paying more on your home loan than you should be.

Since the recent RBA cash rate cuts there are a tonne of great home loan deals around, so you could potentially snatch up a hot rate by refinancing.

So, pour yourself a cuppa, roll up your sleeves and let's get down to business!

Check your current home loan interest rate

Now, if you’re like most people, you probably signed up for your home loan yonks ago and haven’t given it another thought since. The problem with this is that you could potentially be missing out on a better deal elsewhere.

So, first things first, go back and check how much interest you’re currently paying on your home loan.
Work out how much you could save using our switch & save calculator

Once you’ve worked out what your current interest rate is, go and punch some numbers into our switch and save calculator to see how much you could save by refinancing your home loan.

Compare and shortlist your options

Shaking your head at the amount of interest you’ve been paying on your home loan when a better rate was just around the corner? Don’t beat yourself up! It’s never too late to make the switch.

Make a shortlist of all your potential options, then compare them to narrow it down to a home loan with a killer interest rate and all the features you’re after. .
Prepare your application

Found a killer refinance home loan deal? Great! Double-check the fine print, then round up any required documentation, so you’re ready to go when it comes time to fill out an application. Here’s what you might need:

  • Details of your existing home loan
  • A list of your current expenses, like bills, groceries and other debt repayments
  • A list of your assets, including the equity in your home

Make the switch

Once you’re set on a refinance loan and got all your paperwork ready, you can go ahead and make the switch! If you’ve found your perfect new home loan on the Mozo refinance home loan comparison table, just click the blue ‘go to site’ button next to the loan you’re after. This will take you to the lender’s website where you can fill out an online application.

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