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Think very carefully before changing your home loan. There are many aspects to consider, and whilst a cheap interest rate is important, the right structure and features are also vital considerations.

The 3 main points to consider when deciding whether or not to refinance are:

1. Decide what you need – list the options and features you want in a home loan and give each a score. This enables you to compare different loans.
2. Talk to your current lender – to keep you as a customer they may agree to change your contract or switch to another loan structure without penalty.
3. Add up the costs and benefits – you can use our loan calculator to compare the total amount payable on your current loan and other loans, but there are also other costs to consider:

-Termination fees/discharge fees
-Break costs
-Government charges
-Legal expenses
-Valuations

If you decide to refinance, there are many different types of loan to choose from:

-Standard variable loans
-Honey-moon rate loans
-Basic Variable loans
-Fixed rate loans
-Split/combination loans
-Equity overdraft loans