Refinancing your home loan is a big decision, and it can be a complex process. Perhaps you need a different product to suit your needs? Or you need more funds for home renovations? Or maybe you’d like to move your home loan over to another bank? No matter why you’re refinancing, there are some things you’ll need to consider before you make up your mind.
1. Work out what you need from your home loan
Are you unhappy with the loan you have, the interest rate or whether it’s a variable or fixed loan? Perhaps you’re looking at a whole change with which bank holds your loan. Whatever the reason, it’s important to think about what features and benefits you need and what matters most to you about your loan.
2. Compare home loan products and offers
Once you have an idea of why you want to refinance, you’ll need to decide on the product that will suit you best. As a first step you can compare our range of home loans, and if you’re bringing your loan from another bank, you might also like to check if you’re eligible for any of our home loan offers.
3. Understand the costs involved
Some changes to loans will involve fees. This could include break costs, exit fees and application fees, and may be charged by NAB or another bank – depending on your situation. You may also want to see whether your borrowing power has changed since your last application. To discuss fees involved or your borrowing power further, you can speak with our lending specialists at 13 78 79 or by visiting your local NAB branch.
4. Submit your refinance application
When you’re ready, you can submit a refinance application online easily. Once your application is submitted, you’ll hear from a specialist to discuss the process further.