I want to refinance my home loan!
Looking to refinance?
Have you been in your current home loan for a while? Not getting the most out of it?
- provide you with a better interest rate;
- give you access to features such as free redraw and flexible repayments; and
- help consolidate debts including personal loans, car loans, and even you credit card debt - making it simpler to pay off and manage.
Refinancing is also an option when you are looking to renovate using the equity in your current home.
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A home loan to suit you
At MYCU, we have a full range of Home Loans that can help you in your new home loan decision. All our home loans have free redraw, no break fees and competitive interest rates. You can decide to lock your home loan in at a fixed rate for 1, 2, or 3 years or choose from our range of variable rates.
We have won the 2015 Canstar awards for Outstanding Value Home Loans! Who wouldn’t want a five-star rated home loan for outstanding value?
Is refinancing right for you?
When changing your home loan, it's important to see whether refinancing is right for you!
First of all, you will need to figure out what you need out of your home loan: low rates, an offset account, free redraw etc.
Next compare the home loans that are available! For the full range of MYCU's home loans and the different features check out our Home Loan Comparison Table.
Once you have decided what features you require and the purpose of your loan, it is important to figure out the costs of refinancing, especially what the new repayments will be with your new home loan. Make sure to check any exit or breakfees that your current financial institution may have, as well as all the new loan establishment fees, settlement fees and any government fees.
Apply for a home loan
Now all you have to do is apply for a home loan which can be easily done online, at a branch or we can arrange for a mobile lender to visit at a time convenient for you. We also have a Lending Specialist available at anytime on 1300 655 116.
Once we receive your application it will be assessed based on your income, credit history and any information about other loans and financial commitments. At MYCU, we aim to have an answer to you within 24 hours.
If your application is approved, we’ll send out a letter of offer and contract for your brand new home loan. It is important that you get a solicitor or conveyancer to review the contract before you sign.
The final act is settlement! Once you’ve signed and returned the contract to us, settlement will happen. We will organise the submission of the ‘Mortgage Discharge’ to the Land Titles Office to get your old home loan closed.
Your new home loan is now ready. Your first repayment is usually due within a month of settlement.
Rates & Fees
Thank you for your excellent service. We truly appreciate it. We are highly pleased with the professional manner in which our personal loan and home loan was finaread more
One big thank you for your prompt service with our loan. We love dealing with My Credit Union. Over the many years we have used your services we have been so haread more
I wanted to say a special thanks to the team at My Credit Union. I've had a long association with MYCU. Congratulations on such a great work ethic and perfect cusread more