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Re-financing your loan may give you access to cheaper rates or features that your current loan doesn’t offer such as split limits or offset accounts and may allow you to access equity in your home to use for other investments or to consolidate your debt.

If you’re re-financing to consolidate your debt, your Loan Clinic broker will help you devise a strategy that uses the flexibility of your new loan and some easy steps to help you pay that debt off faster.

If you’re financing to invest, have a chat to a Loan Clinic broker about how to set up a finance structure that supports your goals and has the flexibility you’ll need going forward.

One of the major factors to think about when re-financing is the costs. Some of the costs you may need to consider are:

• Discharge fees
• Exit penalties or deferred establishment fees
• Mortgage stamp duty
• Break costs if you’ve fixed your current loan
• Application and valuation fees on your new loan

If you had minimal costs upfront on your existing loan and have had the loan for less than 3 to 4 years there may be significant exit fees. Your Loan Clinic broker will be able to explain the costs involved with exiting your current loan and applying for a new one and help you evaluate these against savings on the new loan to help you make an informed decision.