17%

34%

51%

68%

85%

100%

Refinancer

Refinance Your Home Loan

Need to unlock the equity in your home? At AFM we understand that circumstances change and the home loan you signed up for years ago, might not suit your needs today. Perhaps you want to renovate, take a holiday or consolidate debt—whatever the reason, you’re sure to find a suitable home loan in AFM’s suite of products.

When to Refinance

There are a many reasons for refinancing your home loan:

  • Consolidate debt into one simple repayment with a lower rate of interest
  • Unlock the equity in your home for the things you need, like a new car, renovations or purchasing an investment property
  • Get a better interest rate & reduce your repayments
  • Access more loan features like offset accounts, extra repayments & redraw facilities

Costs of Refinancing

When refinancing your home loan, it’s important to consider the associated costs to determine whether a new home loan is the best solution for your needs. Refinancing fees are likely to include:

  • Fees to discharge your current loan
  • Set-up fees for the new loan
  • Government mortgage registration fees
  • Lender’s Mortgage Insurance (LMI) if applicable

LMI is only applicable if your new loan amount is more than 80% of your property value. LMI cannot be carried over to your new home loan, so even if you paid LMI on your existing mortgage, you will need to pay it again.

5-Step Refinance Application Process

Refinancing your home loan to AFM is hassle free and can be done in these five easy steps:

Number 1-01-01

Review

Assess your current situation to see if refinancing is a viable option.

Number 2-01

Application

Submit your completed application form with accompanying documents.

Number 3-01

Conditional Approval

Conditional approval is valid for 90 days. Once granted it is still subject to valuation and LMI approval

Number 4-01

Formal Approval

Once all conditions have been met your home loan will go unconditional

Number 5-01

Settlement

Settlement occurs when the mortgage transfer from your existing lender has been completed

Not sure where to start or want to know which properties are in your budget?
Try our borrowing power calculator to see how much you are eligible to borrow:

Key Refinance Home Loan Features

100% Offset Account

Save on interest by attaching a 100% offset account to your home loan.

Borrow up to 95%

Depending on how much deposit you have saved, you can borrow up to 95% of the property value.

Flexible Loan Repayments

Have the option to pay the principal and interest during and after construction, or you can take advantage of interest only repayments while construction is in progress (up to a maximum of 12 months)

Large Loan Size

AFM’s home loans will allow you to borrow up to $2 Million.

Line of Credit

We also have the option for investors to take advantage of a Line of Credit investment loan with VISA debit card access.

Tips to Improve Your Mortgage Application

1   Credit History

All lenders will run a credit check to see if you have any defaults on record. Your credit history gives a snapshot of your repayment habits, so try and make loan or bill payments on time and in full.

2   Employment Stability
If you’re thinking of applying for a home loan, it helps to have been in stable employment for at least 6 months, longer if you are self-employed.
3   Equity
Before applying to refinance your home loan you need to know the value of your property. If you have less than 20% equity in your home, you should take steps to pay down your home loan.
4   Assets & Liabilities / Living Expenses
Your lender has a responsibility to ensure you can comfortably afford to make repayments on your loan. You will need to provide information on your living expenses, liabilities and income. Also it might be worth paying down any debts and close any unused credit cards or buy now pay later (BNPL) accounts like Zip Pay and After Pay.