Is it time to refinance? How refinancing could save you thousands!

With interest rates falling this year, thousands of Australians are taking a fresh look at their home loans. In fact, nearly 100,000 borrowers refinanced in the June quarter alone—that’s over 1,000 loans every day, and a 21% jump compared to last year.

If you're thinking about refinancing, chat with us today and see how much you could save on your home loan.

So, what’s behind this refinancing boom and could it be a smart move for you too?

1) To get a better interest rate or shorter loan term

The biggest reason people refinance is simple: to save money.

With three cash rate cuts totaling 0.75% this year, lenders are competing hard to win over borrowers. That means lower interest rates are on offer and switching could mean big savings.

Some borrowers are also choosing to shorten their loan term. If your income has increased, paying off your loan faster could save you thousands in interest over time.

2) To unlock equity in your home

If your property has gone up in value, you might have more equity than you think. Equity is the difference between your home’s market value and what you still owe.

Refinancing lets you access that equity, whether it’s for renovations, investing in another property, or even helping your kids with education costs.

3) To get better loan features

Some borrowers refinance to get access to features like offset accounts or redraw facilities, which can help reduce interest and give more flexibility.

Others switch between fixed and variable rates, depending on what suits their situation. With recent rate cuts, fixed rates have become more attractive for those wanting repayment certainty.

4) To consolidate debt

If you’ve got multiple debts like a car loan, personal loan, or credit card—refinancing could help you roll them into one loan with a lower interest rate.

This can simplify your finances and reduce your repayments, but it’s important to get advice first. Debt consolidation isn’t right for everyone, and there are risks to consider.

Thinking about refinancing?

Experts expect refinancing activity to stay strong this year. If it’s been a while since you reviewed your home loan, now could be the perfect time to see what’s out there.

At FinancePath, we’ll compare the market for you and walk you through your options so you can make a confident, informed decision.

Get in touch today and let’s explore how refinancing could work for you.