Home loan review
Still the right home loan for your life now?
A refinance can change your rate, your repayments, your loan features, or let you borrow against the equity in your home. It can also bring costs, a new loan term and trade-offs that deserve a careful look.
A review can end with a recommendation to stay where you are. Clients of Chorus get this review every year.
The review
Before changing loans, get clear on what is changing.
A broker helps you look past the advertised rate at what a switch would cost, what it would change and whether it is worth it for you.
- 01
Your current loan
Start with your balance, rate, years left, loan features, and any fees your current lender charges to leave (break or discharge fees).
- 02
Your priorities
Tell us what you want to change: lower repayments, an offset or redraw, money for a future purchase, borrowing against your equity, or splitting the loan.
- 03
Will the switch pay for itself?
Compare the cost of switching with any potential benefit, how long it may take to recover costs, and what a changed loan term means for total repayments.
- 04
Which lenders fit
Only then do we compare lenders whose rules accept your income and property, and explain the rate, fees, features and trade-offs of each.
General information only. It is not a recommendation or an assessment of your individual circumstances.
Consolidating debt
A lower repayment can still cost more overall.
If you roll credit cards or a car loan into your home loan, your home becomes the security for that debt and you may repay it over many more years. A lower monthly repayment can mean more interest in total. If you cannot meet the repayments, your home is at risk. It does not suit everyone, and it needs a careful review of alternatives, fees, risks and your circumstances.
If you are experiencing financial hardship, independent support is available through the National Debt Helpline.
Bring what you have
Your current loan details are a useful start.
Your balance, rate, remaining term and any fees to leave the loan are enough to start. You do not need to send documents when you enquire. Sending your loan details does not start a credit check. You pay no fee for our service.* We are paid by the lender when your loan settles. Self-employed? Tell us how you earn and we explain which income evidence lenders accept.