TwoFold AI Q&A
Should I Refinance My Home Loan If My Rate Is Higher Than Average?
Should I refinance my home loan if my rate is higher than before?
Question: Should I refinance my home loan if my rate is higher than before?
Answer: If your home loan rate is higher than what is currently available, refinancing may be worth reviewing, but the rate alone does not decide the answer. The useful question is whether a new loan could put you in a better position after fees, features, lender policy and your future plans are considered.
A refinance review usually compares your current repayment, interest rate, loan balance, remaining term, discharge costs, application costs and any features you use, such as offset or redraw. It may also consider whether your property value has changed, whether your income still fits lender policy and whether your current lender can offer a better retention rate.
The value is in comparing the full cost and structure, not just chasing a headline number. A broker can help model the potential saving, check lender options and explain the trade-offs before you decide whether an application is worth pursuing.
This is general information only and does not consider your objectives, financial situation or needs. Rates, fees and eligibility can change. For guidance tailored to your situation, speak with TwoFold Lending on 1300 100 019 or book an appointment.
Important: This answer is general information only and does not consider your objectives, financial situation or needs.