{"id":5335,"date":"2023-10-19T09:30:37","date_gmt":"2023-10-18T23:30:37","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5335"},"modified":"2023-10-19T09:30:37","modified_gmt":"2023-10-18T23:30:37","slug":"how-much-can-you-really-save-by-refinancing","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/","title":{"rendered":"How much can you really save by refinancing?"},"content":{"rendered":"

\"\"Not sure what refinancing is all about? You\u2019re not alone. Our quick explainer lets you master the basics and helps you work out how much you could save.<\/strong><\/p>\n

Home loan refinancing is a hot topic right now.<\/p>\n

Ever since interest rates hit an upward trajectory in May 2022, skyrocketing numbers of homeowners \u2013\u00a0as many as 28,000 each month<\/a>\u00a0\u2013 have turned their attention to refinancing.<\/p>\n

However, plenty of Australians could be missing out on the savings of refinancing simply because they\u2019re unsure of what\u2019s involved.<\/p>\n

Research by\u00a0Finder<\/a>\u00a0shows one-in-five people are in the dark about refinancing, while 63% admit to being only \u201cslightly confident\u201d in their knowledge of refinancing.<\/p>\n

So, let\u2019s take a quick look at what refinancing is, and how it can reduce stress by potentially putting cash back in your pocket.<\/p>\n

What does refinancing mean?<\/h3>\n

Refinancing simply means replacing your old mortgage with a new loan and lender.<\/p>\n

The process is similar to the one you followed to apply for your current loan.<\/p>\n

You decide the loan you\u2019d like to switch to, make a formal application, and provide evidence of income, expenses, and your personal ID.<\/p>\n

If the loan is approved, you can sit back and relax as the new lender arranges to pay out your old loan. When that\u2019s taken care of, you just start making repayments to the new bank.<\/p>\n

Refinancing can be a surprisingly simple process. Better still, it can all happen very quickly,\u00a0usually taking about four weeks<\/a>\u00a0from start to finish.<\/p>\n

Refinancing can be a stress buster<\/h3>\n

Refinancing can be an opportunity to access home equity, enjoy better loan features, or consolidate several personal debts.<\/p>\n

But the number one reason for refinancing is to save money by paying a lower loan interest rate. Those savings can help take the financial pressure off homeowners.<\/p>\n

According to Finder, 60% of refinancers admitted to being stressed about their home loan before deciding to switch.<\/p>\n

If that sounds like you, making the move to a new loan could be a valuable stress buster.<\/p>\n

How much could you save by refinancing?<\/h3>\n

Potentially, a lot!<\/p>\n

That\u2019s because\u00a0lenders are still saving their best deals<\/a>\u00a0for new customers.<\/p>\n

The average rate on established loans is currently 6.20%. But if you\u2019re a new customer, you\u2019re more likely to pay an average rate of 5.99%.<\/p>\n

That\u2019s an instant saving of 0.21% interest. Think of it as reversing almost one official rate hike.<\/p>\n

So what does that rate difference mean for your hip pocket?<\/p>\n

Right now, the average loan being refinanced is worth $526,093. On that balance, a 0.21% rate saving could slash more than $70 off each monthly repayment, which equates to $840 in the first year alone, assuming a 30-year loan term.<\/p>\n

Is refinancing right for you?<\/h3>\n

If you\u2019re starting to feel the interest rate squeeze, give us a call today to discuss your refinancing options.<\/p>\n

We\u2019ll help you work out if refinancing is the right step for you and how much you could save by switching to a new loan and lender.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not sure what refinancing is all about? You\u2019re not alone. Our quick explainer lets you master the basics and helps you work out how much you could save. Home loan refinancing is a hot topic right now. Ever since interest rates hit an upward trajectory in May 2022, skyrocketing numbers of homeowners \u2013\u00a0as many as […]<\/p>\n","protected":false},"author":23,"featured_media":5336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5335","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHow much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Not sure what refinancing is all about? You\u2019re not alone. Our quick explainer lets you master the basics and helps you work out how much you could save. Home loan refinancing is a hot topic right now. Ever since interest rates hit an upward trajectory in May 2022, skyrocketing numbers of homeowners \u2013\u00a0as many as […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\" \/>\n<meta property=\"og:site_name\" content=\"FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T23:30:37+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"FinancialPlus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"FinancialPlus\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\"},\"author\":{\"name\":\"FinancialPlus\",\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/person\/7b0d029a6587cbef16ed101f41756057\"},\"headline\":\"How much can you really save by refinancing?\",\"datePublished\":\"2023-10-18T23:30:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\"},\"wordCount\":610,\"publisher\":{\"@id\":\"https:\/\/financialplus.com.au\/#organization\"},\"image\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1\",\"articleSection\":[\"Home Loans\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\",\"url\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\",\"name\":\"How much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast\",\"isPartOf\":{\"@id\":\"https:\/\/financialplus.com.au\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1\",\"datePublished\":\"2023-10-18T23:30:37+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1\",\"width\":1100,\"height\":733},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/financialplus.com.au\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How much can you really save by refinancing?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/financialplus.com.au\/#website\",\"url\":\"https:\/\/financialplus.com.au\/\",\"name\":\"Financial Plus Mortgage Broker Gold Coast\",\"description\":\"Gold Coast mortgage broker - home loans, car loans, commercial loans, business loans, first home buyers\",\"publisher\":{\"@id\":\"https:\/\/financialplus.com.au\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/financialplus.com.au\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/financialplus.com.au\/#organization\",\"name\":\"Financial Plus\",\"url\":\"https:\/\/financialplus.com.au\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/logo\/image\/\",\"url\":\"http:\/\/financialplus.com.au\/\/wp-content\/uploads\/financial-plus-logo.png\",\"contentUrl\":\"http:\/\/financialplus.com.au\/\/wp-content\/uploads\/financial-plus-logo.png\",\"width\":400,\"height\":98,\"caption\":\"Financial Plus\"},\"image\":{\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/person\/7b0d029a6587cbef16ed101f41756057\",\"name\":\"FinancialPlus\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/40c4914d8dd124d0c5d1cd35c19fc63a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/40c4914d8dd124d0c5d1cd35c19fc63a?s=96&d=mm&r=g\",\"caption\":\"FinancialPlus\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/","og_locale":"en_US","og_type":"article","og_title":"How much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast","og_description":"Not sure what refinancing is all about? You\u2019re not alone. Our quick explainer lets you master the basics and helps you work out how much you could save. Home loan refinancing is a hot topic right now. Ever since interest rates hit an upward trajectory in May 2022, skyrocketing numbers of homeowners \u2013\u00a0as many as […]","og_url":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/","og_site_name":"FinancialPlus Mortgage Broker Gold Coast","article_published_time":"2023-10-18T23:30:37+00:00","og_image":[{"width":1100,"height":733,"url":"http:\/\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg","type":"image\/jpeg"}],"author":"FinancialPlus","twitter_card":"summary_large_image","twitter_misc":{"Written by":"FinancialPlus","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#article","isPartOf":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/"},"author":{"name":"FinancialPlus","@id":"https:\/\/financialplus.com.au\/#\/schema\/person\/7b0d029a6587cbef16ed101f41756057"},"headline":"How much can you really save by refinancing?","datePublished":"2023-10-18T23:30:37+00:00","mainEntityOfPage":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/"},"wordCount":610,"publisher":{"@id":"https:\/\/financialplus.com.au\/#organization"},"image":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1","articleSection":["Home Loans"],"inLanguage":"en-AU"},{"@type":"WebPage","@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/","url":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/","name":"How much can you really save by refinancing? · FinancialPlus Mortgage Broker Gold Coast","isPartOf":{"@id":"https:\/\/financialplus.com.au\/#website"},"primaryImageOfPage":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage"},"image":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1","datePublished":"2023-10-18T23:30:37+00:00","breadcrumb":{"@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#primaryimage","url":"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1","contentUrl":"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1","width":1100,"height":733},{"@type":"BreadcrumbList","@id":"https:\/\/financialplus.com.au\/how-much-can-you-really-save-by-refinancing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/financialplus.com.au\/"},{"@type":"ListItem","position":2,"name":"How much can you really save by refinancing?"}]},{"@type":"WebSite","@id":"https:\/\/financialplus.com.au\/#website","url":"https:\/\/financialplus.com.au\/","name":"Financial Plus Mortgage Broker Gold Coast","description":"Gold Coast mortgage broker - home loans, car loans, commercial loans, business loans, first home buyers","publisher":{"@id":"https:\/\/financialplus.com.au\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/financialplus.com.au\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/financialplus.com.au\/#organization","name":"Financial Plus","url":"https:\/\/financialplus.com.au\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/financialplus.com.au\/#\/schema\/logo\/image\/","url":"http:\/\/financialplus.com.au\/\/wp-content\/uploads\/financial-plus-logo.png","contentUrl":"http:\/\/financialplus.com.au\/\/wp-content\/uploads\/financial-plus-logo.png","width":400,"height":98,"caption":"Financial Plus"},"image":{"@id":"https:\/\/financialplus.com.au\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/financialplus.com.au\/#\/schema\/person\/7b0d029a6587cbef16ed101f41756057","name":"FinancialPlus","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/financialplus.com.au\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/40c4914d8dd124d0c5d1cd35c19fc63a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/40c4914d8dd124d0c5d1cd35c19fc63a?s=96&d=mm&r=g","caption":"FinancialPlus"}}]}},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-refinance-2023.jpg?fit=1100%2C733&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pfCavx-1o3","_links":{"self":[{"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/posts\/5335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/comments?post=5335"}],"version-history":[{"count":1,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/posts\/5335\/revisions"}],"predecessor-version":[{"id":5337,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/posts\/5335\/revisions\/5337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/media\/5336"}],"wp:attachment":[{"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/media?parent=5335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/categories?post=5335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialplus.com.au\/wp-json\/wp\/v2\/tags?post=5335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}