How much can you save by refinancing in 2024?
We estimate that the average person could save up to $6,996 a year by switching to a lower rate:- The average Australian home loan is now $641,143 (according to the ABS) - a record high!
- The average variable interest rate loan in Finder's database is 7.08%. The lowest available variable rate on the market is 5.69%.
- Assuming a 30-year loan term, if you switched to that lower rate your monthly repayments would drop from $4,301 to $3,718. That's a saving of $583 every month, or $6,996 a year.
Market update by Rebecca Pike – Finder's senior home loans writer
Easy answers, without any calls. We know fixing is a big deal, but checking you're options and rates shouldn't have to be. We speak to home owners every month, and have put over 50 hours in creating this guide.
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Hello there!
I will be 57 years of age in May, am single, working full time, and this would be my first home. My total assets are worth around $75k. I have $25k-$30K deposit total.
If you could just advise me please of how much property price could I afford? The total apartment price that it.
Much appreciated
J
Hi Jacqui,
Thanks for your inquiry.
The amount you can borrow (relative to the price of the property) for a home loan is basically up to the lender based on their assessment of your overall financial situation. Usually, they would consider some factors like your income, employment, assets, other liabilities, and even credit history. Nevertheless, if you like to calculate an estimate, you may use our calculator for home loan eligibility. Alternatively, you can reach out to a mortgage broker who can offer a range of home loan options.
Hope this helps.
Cheers,
May
Hi just wondering what the process is for changing name on the title from sole proprietor to joint proprietors when there is a mortgage on title?
Hi Christine,
Thanks for your inquiry.
Whilst your property is on mortgage, it is still possible to change the ownership of the property. There’s a guide on this page – https://www.finder.com.au/guide-to-changing-property-ownership that outlines how you can go through the process. But first, you’d need to speak to your lender about your plan in changing the type of ownership of your property.
Hope this information helped.
Cheers,
Arnold
If I have two St George loans with a mate of mine…(both our names on both…he pays one and I pay the other) what is the best way of getting out of having two loans and having only one with my name and one with his name on it?
Phil.
Hi Phil,
Thanks for your question.
It is possible to refinance a joint home loan to an individual loan and get a better rate through any of the options above. Please note that you should meet certain eligibility criteria to get approved. Please click the name of the loan product on our page so you’ll see the details how to qualify. The ‘go to site’ button is for submitting your application.
You may want to consider getting in touch with a mortgage broker if you need assistance in finding a suitable home refinancing loan.
Cheers,
Anndy
How to refinance the exsiting mortgage for low interesr rate
Hi Senita,
Thanks for your question.
If you are looking to refinance your existing mortgage, the step-by-step refinancing process is explained in the above infographic.
Should you need assistance in finding a suitable home loan, a mortgage broker can help.
Cheers,
Anndy
I have a rented unit in Sydney that I would like to refinance to buy land in NZ where I now live. I have contacted a broker who came back with 75% LVR (thats OK), but with a whopping 7.35% interest.
What other options are open to me?
Hi Richard,
thanks for the question.
You’ve come through to finder.com.au, a comparison service. Unfortunately by law we’re unable to suggest specific home loan rates and fees which you could apply for. It might be a good idea to contact a number of lenders that you’re interested in or alternatively speak to another broker to get another recommendation.
Cheers,
Marc.