With rising living costs and ongoing interest rate shifts, more Australians are reviewing their loans and asking: “Can I get a better deal?”
If it’s been a while since you reviewed your mortgage, refinancing might be a simple way to take control of your finances, and save thousands. At Akorin Finance, we help Adelaide homeowners refinance smarter by comparing major lenders and negotiating better terms on their behalf. Here are 5 smart reasons to consider refinancing:
1. Lower Your Interest Rate
Even a 0.5% reduction in your rate can make a huge difference over the life of your loan. Refinancing could help you secure a more competitive rate that reduces your monthly repayments or shortens your loan term.
2. Access Equity for Renovations or Investment
If your property has increased in value, refinancing can help you unlock equity to fund home improvements, buy an investment property, or pay for life events, without needing a separate loan.
3. Consolidate High-Interest Debt
If you’re juggling credit cards or personal loans, refinancing can help consolidate your debts into one manageable repayment at a much lower interest rate.
4. Switch to a More Flexible Loan Structure
Maybe you need an offset account, redraw facility, or interest-only repayments for a time. Refinancing gives you a chance to switch to a loan that better suits your lifestyle and goals.
5. Take Advantage of Cashback Offers
Some lenders are offering cashback incentives for new refinanced loans. This can be a nice bonus, but always make sure the loan itself still makes financial sense long term.
Not sure where to start? That’s what we’re here for.
At Akorin Finance, we compare the market on your behalf and give you honest, strategic advice tailored to your needs. If refinancing makes sense, we’ll make it easy.
Check out our full guide to refinancing your home loan with Akorin Finance.
FAQs: Refinancing Your Home Loan
Q: How often should I review my home loan?
A: Ideally every 1–2 years, or whenever your financial circumstances change. Even a small rate reduction can result in significant savings over time.
Q: Can I refinance if my property value has dropped?
A: Possibly, but it depends on your equity and lender criteria. We can assess your options based on your current property value.
Q: Is refinancing worth the hassle?
A: If you’re paying more than necessary, absolutely. With expert help, the process is straightforward, and the savings can be well worth it.
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