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Refinancing FAQs

My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?

This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn’t mean the repayments are less. AFG brokers are able to take the hassle out of this for you. Why not contact us on 1300 130 987 to be put in touch with your local broker? Remember we have access to over 800 mortgage products from more than 30 lenders.

What are my options when my ‘Honeymoon Rate’ ends?

You can cancel most mortgages, although penalty fees may apply. To review your options, why not contact me.

What rate guarantee is there if I change Lenders?

A variable rate may increase. If you want certainty or believe interest rates are likely to rise, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years.

Why are interest rates at all Lenders not the same?

Banks and other lenders have different cost structures and profit expectations. They may also want to attract a specific risk profile.

What do I need to initiate a refinance?

You would need to provide basic Income and Expenditure information together with the last three months Loan statements. Further requirements will be requested once an initial evaluation has been completed.