Victoria Teachers Credit Union


	Home Loans



		Buying Your Home



		Refinancing Your Existing Loan



		Investing in Property



		Renovating or Building



	Our Home Loans

Consider Your Options

Whilst it’s impossible to always have the home loan with the best rate and the lowest fees unless you refinance every month, refinancing will be the best option in some cases.

Using Your Equity
If you have equity in your home, you can consolidate all your debts into one loan by refinancing. For example, you might be able to add the cost of a new car onto your home loan to take advantage of a lower interest rate.

Refinancing Your Existing Loan
Refinancing can also be a good option if your home loan doesn’t suit your needs anymore or if you’re paying too much for it.

Some people will choose a more expensive home loan on the basis of the features offered. However, if they are not making use of these features they could be better off with a lower interest loan. Others may have a loan with a low interest rate only to find out that they cannot make extra repayments without being penalised and every time they need to use redraw they incur a fee.

Refinancing, however, does not make good financial sense for everyone. Before you decide to refinance, it’s important to look at the costs and whether they are worth it. Ask your current financial institution for an estimate of the costs involved and your prospective financial institution for an estimate of set up costs. Remember to include ongoing fees in your assessment as these can add up over the term of the loan.

Discuss Your Options
If you’re thinking about refinancing, we can provide you with an estimate of repayments and discuss options to help you save money. Call one of our friendly Member Service Consultants on 1300 654 822 to discuss your options.

Learn more about other products and services from Victoria Teachers Credit Union.