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Perhaps you’re looking to renovate your home or invest in property. Consolidate multiple debts into one. Or you might just be after a better deal. Let’s look at the value of refinancing.
So you're thinking about refinancing. It can be a good idea if you've had your home loan for a while and want it to work harder for you. Perhaps you're looking to renovate your home or invest in property. You might need to consolidate multiple debts into one or you might just be after a better deal.
Let's look at the value of refinancing. If you've had your home loan for a few years now you may find that you're paying higher than average interest. That's because as interest rates rise and fall, banks tend to offer their better rates to new customers. It's worth comparing your existing loan rate against others in the market and using an online refinance calculator to work out how much you could save on a lower rate. Don't just compare the headline rate but also the comparison rate as that incorporates relevant costs and fees. Check out Suncorp's refinance calculator at www.suncorp.com.au.
As you pay down your home loan or as the value of your property rises, you gradually build up equity in your home that's the part of the home that you own. And depending on your loan arrangement that equity may be tied up in the loan refinancing can give you the opportunity to access that equity and use it for other purposes like renovating or investing perhaps it's doing up that old bathroom. Adding an extra room or even buying an investment property to help improve your long-term financial security.
Or if you're feeling the pinch of multiple debts such as a home loan, credit cards and personal loans, you may benefit from consolidating everything into one home loan. That means your entire debt can be paid off at your home loan interest rate which is typically much lower than other forms of debt. One catch is that while you may pay less interest in the short term, if your home loan spans decades it could potentially cost you more in total interest over the long run, so ask a lender or a broker to help you crunch those numbers and find the best way to manage your debt and discuss if refinancing could work for you.
Helping you get the most out of your home loan. That's the Suncorp spirit.
Refinancing can save you lots in the long run, but exiting your current loan may cost you. If you have a fixed rate loan and you're within the fixed period, early termination penalties may apply. Other costs may include a loan establishment fee, mortgage registration fee, as well as any ongoing and exit fees.
The exact amount represented by these fees and penalties can vary depending on your arrangement with your lender, and the time left in your fixed rate loan period. Also, if you are borrowing more than 80% of the property value, you may be required to pay Lenders Mortgage Insurance. This isn't transferable across lenders.
Ensure the timing is right. If you have a fixed-rate loan, refinancing partway through the fixed period may be costly. Then compare and consider your options, while keeping your goals in mind. You should speak to a loan specialist if you need professional advice.
Establish goals. You may be after a lower rate, be dissatisfied with your current lender, or want to use your home’s equity to fund a renovation; if you know what you’re trying to achieve, it’ll be easier to choose the right loan.
You can compare our home loans to see which suits you best, and check out our repayments calculator to get an idea of how much your payments might be based on the amount you’d like to borrow.
You may want to consider refinancing your home loan if you're:
- Planning a renovation and want to borrow against the equity in your home
- Coming out of your fixed-term period and looking for another deal
- Dissatisfied with your current bank
- Looking to consolidate your debt
Discounted 2 Year Fixed Rate in Home Package Plus
^ The discounted rate (currently 1.89% p.a.) is calculated by subtracting a discount of 0.45% from the Standard 2 Year Fixed Rate (currently 2.34% p.a.) and only applicable while the loan remains in the Home Package Plus. At expiry of the 2 Year Fixed Rate Term, the loan will revert to the applicable Standard Variable Rate advertised at the time (currently 4.98% p.a.) less the Home Package Plus discount (currently 2.34% p.a.). LVR means Loan to Value Ratio, stated above & inclusive of Lenders Mortgage Insurance (LMI). Refinance of existing Suncorp Bank loans and pre-approvals are excluded. The Standard 2 Year Fixed Rate applicable on the day of settlement of the loan will be used to calculate the applicable discounted fixed rate unless the rate has been secured by paying a Guaranteed Rate Fee, which must be selected at time of loan application. Current standard fixed rates and discounts are subject to change without notice. This limited time offer is valid from 19 November 2020 and Suncorp Bank reserves the right to vary or withdraw this offer at any time. Please refer to the Home Package Plus Terms and Conditions booklet for full Terms and Conditions of the Package.
See what you could save
** Potential savings are calculated using the information you have provided. Please note that the savings displaying are indicative only and do not represent the Bank making an offer of credit. All calculations assume that the interest rate and loan term will remain unchanged and you will make principal and interest repayments for the remaining loan term. Each calendar year has the following periods – 12 months, 26 fortnights and 52 weeks. No fees or charges have been factored into the above interest saving calculation. Please refer to Lending Fees and Charges for all applicable fees. If you have supplied your current interest rate, then total interest over the life of the loan is calculated by applying your interest rate to the amount still owing on your loan over the remaining loan term. If you have supplied your minimum repayment amount, then total interest over the life of the loan is calculated by subtracting the amount still owing on your loan from the total of all payments made in the remaining loan term. Potential interest savings are calculated by comparing the information you have provided to the above variable or fixed interest rates.
^^ Correct as at May 23, 2019. The Reward and Recognition program ("Suncorp Benefits") is being operated by Loyalty Corp Australia Services Pty Ltd ABN 39 615 958 873. To be eligible for Suncorp Benefits you must hold a current eligible personal policy or service with Suncorp or an eligible personal product or service from one of the brands in the Suncorp Network. Full Terms and Conditions are available here. Eligibility criteria and limits apply
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and Home Package Plus Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
Loan to Value Ratio (LVR)
LVR means Loan to Value Ratio and is inclusive of Lenders Mortgage Insurance (LMI).
Lock in your interest rate and repayment amount
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product.
Access extra payments you've made on your home loan using our loan Cashback feature. You will need to apply for this.