Reasons for Refinancing

Why Refinancing Is Important

Refinancing can lower your repayments, offer better features, simplify debt, and unlock home equity for renovations or investments.

  • Lower Rates: Securing a lower rate can reduce your monthly repayments and the total paid over the life of the finance.
  • Better Features: Features like an offset account, redraw facility, or more flexible repayment options can provide greater control over your finances.
  • Debt Consolidation: Combining multiple debts (e.g., credit cards, personal loans) into your home finance can simplify your finances and potentially lower your overall rate.
  • Access Home Equity: Refinancing can allow you to access the equity in your home for renovations, investment, or other significant expenses.

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Refinance

Steps to Refinance Your Loan

We Make It Simple To Refinance

We make refinancing simple—helping you secure better rates, features and flexibility without the hassle.

  1. Assess Your Needs: Determine why you want to refinance and what you aim to achieve, such as lower rates, better features, or accessing equity.
  2. Review Your Current Loan: Understand your current loan terms, including the interest rate, features, and any exit fees or penalties for early repayment.
  3. Compare Loans: Research and compare other products that meet your needs. Consider using comparison websites, consulting with a mortgage broker, or directly contacting lenders.
  4. Calculate Costs: Consider all costs involved in refinancing, including application fees, valuation fees, and any break costs if you’re on a fixed rate loan.
  5. Apply for the New Finance: Once you’ve chosen a new option, you’ll need to apply, providing necessary documentation such as proof of income, employment, and other financial details.
  6. Approval and Settlement: If your application is approved, the new finance will pay out your existing mortgage, and you’ll begin making repayments on the new loan.

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Connect With One of Amanah’s Finance Specialists

Provided over $500 million in Islamic finance since 2014
Australia's Top-Ranked Islamic Finance Institution for 3 Consecutive Years
Dedicated financial specialists in Melbourne, Sydney, Brisbane, Adelaide and Perth
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