From potentially lowering your monthly repayments to securing lower interest rates and paying off your loan quicker, there are many reasons to consider home refinance loans. At Qudos Bank, we have many home loan refinance offers that could suit your unique circumstances and goals, including switching from a variable home loan to a fixed home loan or vice versa.
Home loan refinancing from a variable to a fixed rate is generally a more popular option. Reasons for making this change often include the stability of knowing the exact periodic repayment amount for better budgeting and the comfort of having the same rate even if interest rates increase during the fixed period.
However, switching from a fixed to a variable home refinance loan may also have benefits, too. If interest rates have fallen below your fixed rate, switching to a variable home loan with a lower interest rate could mean having more money on hand and repaying your loan sooner. However, break costs generally apply so it’s important to check the costs involved in breaking your fixed loan, as these can be significant
As a multi-award winning and 100% customer-owned bank, Qudos Bank is here to help you find the right home loan refinance offer. Learn about some of the reasons why our customers choose our home refinance loans below or get in touch with our team for guidance on choosing the most suitable new home loan for your needs.
At Qudos Bank, we’re proud to offer a wide range of loan refinance offers. Whether you’re wanting to lock in an interest rate and enjoy the stability of the same repayment amount (with our fixed rate loans) or enjoy more flexible loan features, you could find a home loan refinance offer to suit your needs.
If you’re looking to take advantage of interest rates that may change over time, we have various variable home loan offers to choose from. Our No Frills Home Loan and Low Cost Home Loan, for example, don’t only offer low interest rates but also very attractive features including no bank fees and unlimited extra repayments.
For those interested in fixed loan refinance offers, our Fixed Rate Home Loans offer you the ability to tailor the fixed loan term between one and five years (reverting the variable after the fixed period). Our Fixed Rate Home Loans have no bank fees and extra repayments of up to $10,000 per year.
If you’re looking for flexibility, you could consider splitting your loan between fixed and variable. Speak with our Lending Specialists for more information about split loans.
Browse the options below for more information or view our full loans page to see more.
Before you decide to make the switch and refinance your home loan, it’s generally a good idea to consider the following:
Compare interest rates — Consider the best interest rates within one bank or lender as well as between other ones, then compare them to your current loan rates.
Determine your equity — Particularly if you want to avoid lenders' mortgage insurance (LMI), you’ll generally need to have at least a 20% deposit.
Determine the costs of refinancing — Depending on the lender you choose, you may be required to pay break fees (for fixed rate loans).You may also have to pay costs associated with obtaining a new loan, such as application, valuation and establishment costs and fees.
Be clear on your reasons for refinancing — Whether you’re looking to refinance your home loan because you want a better interest rate, you need to access equity or to consolidate debt, your reason for doing so could help you choose the best offer for your situation.
Here is everything you need to know about refinancing such as the benefits, misconceptions and what the process looks like.