The first thing to do is to look at your current loan including the type of loan it is, the interest rate you’re paying, the features it offers, and the fees you’re paying. Identify the things you would like to improve with a new loan. For example, maybe you want to pair your fixed-rate with an offset account? Or maybe you want to move from a fixed rate to a variable rate?
Next, crunch the numbers to calculate how much you will gain from refinancing. Use our refinance calculator to determine your monthly savings if you refinanced with Tic:Toc
Next, watch out for fees. Every lender has its own set of fees for refinancing. Expect to pay ‘closing your old loan fees’ ( such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ ( government fees, third party fees).
Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.
Once you have calculated if it's worth it to pursue a refinancing home loan, shop around for the best refinance rates and features and find a home loan that suits your scenario. Then, choose your new lender and apply. How long will the process take? Every lender is different. With Tic:Toc, your refinancing online home loan application will take approximately 20 mins.