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Could I save money if I refinance my current home loan?

Yes, but how much you save on your mortgage payments through refinancing depends on a number of factors. uno will help you find the right home loan to match your financial goals, but it’s not as simple as choosing the loan with the lowest monthly interest rate. If you refinance and pay a lower rate, it’s vital that you match the length of your original home loan – you don’t want to be paying less but over a much longer period. If you switched from a loan with 22 years remaining, for instance, it’s vital to make the new home loan over 22 years – not 25 years. Sure, you might pay a lower monthly payment straight away but you’ll end up paying more interest over the entire length of your original and refinanced loans.

Calculate how much you could save by using uno’s refinance calculator here

This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.

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Helen is Head of Content at uno - the smarter, faster way to get a better home loan.


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