Refinance Calculator

 

🔁 Why Use a Home Loan Refinancing Calculator?

Many Australians pay more on their home loans than they need to by staying with the same bank. Even if you think you’re stuck, lots of people switch lenders to get a better deal!

But is it worth switching? 🤔 Use our refinancing calculator to see how much you could save over the life of your loan compared to your current rate. It helps you make the best choice for your situation.

Note: There may be some extra costs when refinancing, like fees or charges. Make sure you check these before switching to see if you’re really saving money.

 

💬 FAQs

 

📝 How Do You Refinance a Home Loan?

At York Finance, refinancing is simple! Just:

  1. Apply online 
  2. Talk to a lending specialist
  3. Upload your documents 
  4. Sign your new loan documents
  5. The old lender is paid out by the new lender, and you’re done!

You can get help anytime by calling 1300 931 892, or chatting on LiveChat. 👍

 

⏰ When Should You Refinance?

It’s smart to check your loan every so often to see if it’s still right for you. Refinancing can help you:

  • 💵 Save money with a lower interest rate
  • 🧾 Combine debts like credit cards into your home loan
  • 🏃‍♀️ Pay off your loan faster by changing the term

Things to watch out for:

  • Fees: Application fees, discharge fees, and break costs if you’re on a fixed rate.
  • Lenders Mortgage Insurance (LMI): If you have less than 20% equity, you may have to pay this again. It doesn’t transfer to your new loan.

🏠 What Is Equity and How Can You Use It?

Equity is the difference between your home’s value and what you still owe on it. For example:

Your home is worth $350,000 and you owe $200,000. That means you have $150,000 in equity.

You can use that equity to:

  • 🔨 Renovate your home
  • 🏡 Invest in another property

Just remember: borrowing more money means higher repayments.

 

📄 What Documents Do You Need to Refinance?

You’ll need to show you can repay the loan. Here’s what to get ready:

  • 📂 Last 2 payslips (if you’re employed)
  • 📂 Last 2 years’ tax returns + ATO notices (if self-employed)
  • 🏦 3 months of bank statements
  • 🏠 6 months of your current home loan statements
  • 💳 3 months of statements for any other loans or credit cards
  • 📬 A copy of your council rates notice

We’ll take care of the rest, including the property valuation and working with your current lender.

 

💸 Are There Any Costs to Refinance?

Yes, some of the possible refinancing costs include:

  • Application fee
  • Discharge fee
  • Break costs (for fixed loans)
  • Settlement fee
  • Lenders Mortgage Insurance (if needed)
  • Exit fees (if applicable)

Always check and compare costs before switching. It’s the best way to know if you’re really getting a better deal! ✅