Have you built up significant equity in your home over the last few years due to the property boom? Has a business opportunity come your way and you’re looking for a property-backed loan or some refinancing options? Or maybe you simply want a lower interest rate on your mortgage repayments and want to explore refinancing options?

Refinancing your home loan can be a great way to get access to some capital when you really need it. It can also be a wise financial decision if done correctly. While refinancing your home loan can be a great way to get some funds at a low-interest rate, it is essential to do your research first. You need to consider many things before refinancing, such as the current market conditions, your credit score and history, and even how long you plan on staying in your home if you plan on borrowing against it.

Here are three tips to help you refinance your home loan:

1) Eligibility Requirements

Before you apply for a new home loan, make sure that your current lender will allow you to refinance and if they have any special stipulations attached to it. While some lenders may require specific types of loans or down payment amounts to be eligible, others may simply ask you what type of refinance option is best suited for your needs.

If you are not sure about the requirements or want to explore your options, take a look at some of the local lenders in your area and what they have to offer. Make sure that you get pre-approved for a new loan before taking any action, as this will save time and money in the long run by ensuring that you are eligible for the loan amount you desire.

How Refinance Home Loan Tips  Guide

2) The Current Market Conditions

It is important to consider the current market conditions when refinancing your home loan. It’s important to choose a refinance option that allows you to have a lower interest rate but does not require any additional fees or closing costs.

If the market is doing well and you have some time to spare, then you may want to consider a refinance option that allows for a cash-out. This would give you the opportunity to get a new loan for more than what your home is currently worth and use the extra money for other purposes, such as home renovations or a new business venture.

3) Your Credit History

Your credit history plays a major role in how much money you will be able to borrow for your refinance loan. When looking at different options, make sure that any new loan does not add debt or increase the total amount of monthly payments by more than about seven per cent. If it does, then consider another option where interest rates are lower.

You should also consider how long you can afford to be paying off the new loan, as well as what your credit score is at this time. If it has been a while since you have checked or if there are some issues on your credit report that need correcting, then make sure that these items are taken care of before applying for any type of loan.

If you are unsure of your credit score, there are many websites that offer a free credit report once a year. Check it out to see where you stand and what you can do to improve your score before refinancing.

Tips To Improve Your Credit Score

Your credit score is important when refinancing your home loan. Here are three helpful tips to help you improve your credit score:

  1. Pay all of your bills on time, every time. This will show lenders that you are responsible with money and can be counted on to make payments on time.
  2. Keep your credit utilisation low. This means that you should not be using more than 30% of your available credit at any time.
  3. Have a mix of different types of credit. This shows lenders that you can handle different types of debt and are not reliant on just one type. For example, having a credit card for emergencies and another type of loan or line of credit that you use only when needed.
How Refinance Home Loan Tips  Guide


Refinancing your home loan can be a smart way to save money and consolidate debt. Be sure to take the steps needed to get pre-approved for your new loan, as well as understand what type of refinance option is best suited for you before applying with lenders.

You should also consider how long you plan to stay in your home and your credit score at this time. Working on improving your credit score before refinancing can save you money in the long run. Use the tips above to help get started on the process of refinancing your home loan today!

At NWF Capital, we understand that banks aren’t always the best places to turn for refinancing your home. That is why you can turn to us. We’ll collaborate with you to ensure our loans are tailored to suit your specific needs. We are committed to providing a unique experience for each and every client.

Please call us today on 1300 974 985 or leave us a message and we will get back to you within 24 hours.

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