BSB 806 015

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BSB 806 015

Refinance your home

Step 1: Reasons to refinance

Refinancing or home loan switching simply means switching to another mortgage package or lender. Finding a lower interest rates is the most common reason for making the switch – even a 0.25% saving will save you thousands over the life of your loan.

Other reasons to refinance include:

  • You want the flexibility to increase or decrease your repayments
  • Your fixed term rate is about to end
  • Your circumstances have changed
  • You want to lock in a low interest rate
  • You want to consolidate your debts
  • Tapping into the equity in your home to do renovations or buy an investment property

Step 2: Weigh up the pros vs. the cons

To refinance or not to refinance, that is the question. Before you decide, it pays to do your research. Weigh up the savings you will make over the life of your loan versus the cost of switching.

Also consider the flexibility of repayments, customer support, how long you’ll need the loan for and are you protected against sudden rate rises?

Our home loan calculator will help you figure out what savings you can make.


  • Lower interest rate
  • Mortgage better suited to your needs
  • Potential fee waiver by consolidating all your accounts with one bank


  • Early mortgage repayment fees
  • Exit fees
  • Application fees
  • Valuation fee
  • Government mortgage registration fees

Step 3: Do a home loan comparison

If the benefits of refinancing or a home loan switch outweigh the costs, the next step is to do a home loan comparison and find the loan that’s right for you. 

With interest rates at an historic low, do you want to lock in a rate for 5 years? Do you want a no frills loan with the lowest rate? Do you want a Visa card attached with the same interest rate as your home loan?

P&N Bank can help you with all these options and more. If you need advice or have questions, we’re here to help.

Browse Home Loans

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Step 4: Making the switch

That’s the hard work done. Making the switch is easy – simply contact your preferred lender.

If it’s P&N Bank, we’ll even come to your home or office and walk you through the fine details of your home loan selections to ensure that you fully understand the potential benefits of each loan and any costs. Or you can drop into a branch. Once your application is approved, we’ll pay off your previous home loan and your new one will begin.

Want to know more about refinancing your loan?

We’re here to answer all your questions. Chat online now, or drop into your nearest P&N branch.

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