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:
Assess your current situation to see if refinancing is a viable option.
Submit your completed application form with accompanying documents.
Conditional approval is valid for 90 days. Once granted it is still subject to valuation and LMI approval
Once all conditions have been met your home loan will go unconditional
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
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.