Do you own a property in Brisbane and have had a home loan on this for a few years? You may find you now have a different financial situation and that your current home loan may not offer the range of flexible features and add-ons that are now available on the market. Enter refinancing. Refinancing your home loan is when you either take out a new home loan with a new lender, or negotiate a better loan with your existing financial institution. Not sure if it’s the right move for you? While there isn’t any right or wrong answer, as mortgage brokers and experienced finance lenders at i Lend Finance Solutions, we’ve learnt that there are still quite a few benefits associated with refinancing. In this post, we share some of these reasons and why refinancing your home loan might be a great option for your.



One of the main benefits of refinancing your home loan is to get a better interest rate so your repayments will be lower. If you qualify for a low rate this could potentially save you a lot of money. Refinancing your home loan can also help lower the amount of money you spend on fees. Your current home loan may have built-in fees for additional features like offset accounts or redraw accounts. If you refinance you might be able to drop these features or eliminate the fees for them.

Tip: Compare all the costs of any new mortgage, not just the headline rates, because all mortgages have different amounts of application fees, ongoing fees and exit fees. Compare the features too – some are handy but others means you just end up paying for features you won’t use.



Another major benefit of refinancing is that it allows you to access the equity in your home. You can get a line of credit based on the value of your home and the amount that you’ve already paid on your mortgage. This is a great way to fund home renovations, pay for university costs or make an essential big-ticket purchase. The interest rate is equal to your mortgage rate, so borrowing from the equity in your home tends to be one of the most cost-effective financing option available to homeowners.



You may find yourself in a situation where you are making significantly more income than you did when you bought your home. Paying more on your mortgage each month is not always allowed according to the loan terms, so refinancing could be the ideal option for you. Choose a lower term to pay off your mortgage sooner.

Tip: Don’t be tempted just by a seemingly lower interest rate. If you have a mortgage with one interest rate and realise that you can refinance for a slightly lower rate you may figure that refinancing is the best deal, but you have to take in all of the extra costs involved in the process. To get a good deal, figure out the exact numbers you’ll need to break even on the deal. This will allow you to actually save money instead of falling into a trap.



By refinancing you could consolidate debts such as a personal loan, car loan or credit card onto your mortgage, thereby making it easier to manage your finances – making one payment periodically instead of several.



While it depends on the loan terms, the costs of refinancing and also the interest rate that you receive when you refinance, it’s also possible for you to pay less in total interest. If you purchased your home a number of years ago and locked in a fixed-rate mortgage, then it’s likely there are number of better options available. If your term is coming to an end, it’s a good time to lock in a new rate.

Tip: Make sure the lower interest rate being offered is for the life of the mortgage and not just a honeymoon rate that reverts to a higher than normal rate after a certain period.


Refinancing can be a good financial move if it reduces your mortgage payment; shortens the term of your loan; or, helps you build equity more quickly. When used carefully, it can also be a valuable tool in getting your debt under control. Considering refinancing your home loan now? Let our specialists at i Lend Finance Solutions help you do just that by professionally comparing rates and make sure you’re getting the right loan to suit you and your current situation.