Things to consider before refinancing
Are you moving house or renovating? Have you had your home loan for a number of years and it no longer suits your needs? You may be thinking about switching your loan. We’ll explain how refinancing works, reasons to refinance and the potential costs; so you can make sure switching is right for you.
What is refinancing?
Refinancing is the process of taking out a new mortgage to replace an existing loan. While this can be with the same lender, it often involves switching to another bank.
Reasons to refinance
- To get a better interest rate or different features and add-ons such as redraw facilities or flexible payments.
- To use the equity in your home to borrow more money to renovate or improve your lifestyle with a new car or holiday.
- To consolidate debts such as a personal loan, car loan or credit card into your mortgage so it’s easier to manage your finances.
Costs of refinancing
- Costs associated with exiting your current loan and switching to a new loan might include settlement fees, loan establishment fees, mortgage registration fees, loan service and exit fees and charges.
- You may also need Lender’s Mortgage Insurance (LMI) depending on your deposit amount and the circumstances of your loan.
Increase your existing NAB home loan
If you already have a loan with us, but need access to some extra funds, have you thought about topping it up?
Unlock your home loan potential
At NAB, we understand that life is full of change, complexity and unexpected challenges. That’s why we’re here to support you over the life of your home ownership journey by providing you with innovative tools and services, and guidance from our home loan specialists.
Services such as our online calculators, NAB Home Loan Check In, NAB Go Ahead and NAB Property Reports, are designed to help you get the best out of your home loan.
Our range of home loan products
NAB Choice Package
Combine your Home Loan with other banking products, to make everything a whole lot easier. You’ll get discounts and benefits as part of the package too – saving you time and money where it counts.
NAB Tailored Home Loan
With fixed and variable options, the NAB Tailored Home Loan is really flexible, offering 100% offset and extra or lump sum repayments at no extra cost (for variable rate loans).
NAB Base Variable Rate Home Loan
Keep things simple with our easy-to-manage low rate home loan which has no redraw or ongoing monthly fees.
NAB Flexiplus mortgage facility
Have flexibility with your personal and investment borrowing with a NAB line of credit. You can access funds at any time and have no scheduled repayments.
NAB Portfolio Facility
Have more control of your banking with an all-in-one line of credit. You can your access funds at any time and organise your banking into multiple sub accounts within just one banking facility.