Why refinance your home loan?
Your home could be worth more than you think, and that could mean a better deal on your home loan!
Whether you've renovated, paid down your mortgage or seen your property's value increase, you may have built up equity in your home. And with more equity, you could be eligible for a lower interest rate.
What is equity and why does it matter?
Equity is the difference between what your property is worth today and how much you still owe on your home loan.
Lenders use a loan-to-value ratio (LVR) to understand how much you're borrowing compared to your property's value. The lower your LVR, the more equity you generally have.
For example, if your home is now worth $750,000 and you have $500,000 remaining on your mortgage, your LVR is approximately 67%.
If your LVR is below 70%, you may qualify for a lower variable interest rate with Horizon Bank.
Why refinance with Horizon Bank?
Refinancing isn't just about finding a better rate. That's important. But it's also about making sure your home loan still works for you and your financial goals.
When you refinance with Horizon, you can enjoy:
- Competitive interest rates: Your increased equity could help you secure a lower variable rate.
- Personal support: Our friendly lending specialists will guide you through the refinancing process, from start to finish.
- No monthly fees: Keep more money in your pocket with no ongoing monthly loan fees.
- Flexible repayments: Choose weekly, fortnightly or monthly repayments to suit your budget.
- Extra repayments without penalty: Pay down your loan faster when you have a little extra to spare.
- Free redraw facility: Access eligible extra repayments when you need them.
- Offset account options: Make your savings work harder with an eligible offset account.
- Banking that puts you first: As a customer-owned bank, we're focused on what's best for our members, not shareholders.
Could you be getting more from your home loan?
If it's been a while since you reviewed your mortgage, now could be a great time to see what's possible.
Talk to our friendly lending team today and find out whether refinancing with Horizon Bank could help you save.
