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If you haven\u2019t refinanced in a while \u2013 or ever \u2013\u00a0you could stumble upon a nice reserve of cash to make up for holiday spending.\u00a0<\/strong><\/p>\n Doesn\u2019t everyone love saving a few dollars on bargains around the end of year? With a seemingly never-ending Christmas shopping list, it pays to scrummage around to find every little saving.<\/p>\n But have you thought about the savings to be had by resetting your biggest financial undertaking: your home loan<\/a>?<\/p>\n Here\u2019s how you could rethink your mortgage<\/a> to gain a bit of spare cash for Christmas.<\/p>\n In 2019, Aussies spent on average nearly $1000 per household just for Christmas, Finder reported. This is money that could potentially be recouped through refinancing your loan.<\/p>\n If you\u2019ve had your current home loan for a number of years, you may be able to apply for a home loan at another institution with a better interest rate or new features and add-ons such as flexible repayments, redraw facilities and\u00a0loan splitting, all of which may help you save money on your home loan.<\/p>\n With home loan rates the lowest they\u2019ve ever been, it pays to assess your loan to make sure you\u2019re getting the best deal for your circumstances.<\/p>\n Refinancing your home loan could potentially save you tens of thousands over the life of your loan. Picture: Getty<\/p>\n<\/div>\n Depending on the amount of your loan and interest rate, you could save thousands of dollars per year over the life of your loan. However, if your existing home loan is a fixed interest rate, there could be break costs. Make sure you do your research and sums first.<\/p>\n The savings depend on the value of your loan, whether you go for a fixed or variable rate, what that rate is and whether there are any immediate fees associated with refinancing, such as breaking an existing fixed contract.<\/p>\n To find out what you\u2019re eligible for, check in with your lender or head to Commonwealth Bank\u2019s refinance calculator to kick things off.<\/p>\n Another thing to consider when refinancing is whether your loan has redraw facilities. A redraw facility allows you to access additional repayments that you\u2019ve made on your home loan over and above the minimum payment required.<\/p>\n Use the savings you may find over the holidays. Picture: Getty<\/p>\n<\/div>\n This means that during times in your life when you need a bit of extra cash \u2013 like Christmas \u2013 \u00a0you can tap into some of the money you\u2019ve squirrelled away into the loan.<\/p>\n This is particularly useful if you have a loan that allows you to make extra repayments during times when you have a bit of extra cash. As they say, it all evens in the wash.<\/p>\n There\u2019s many ways the extra savings could be put to use in the new year. Picture: Getty<\/p>\n<\/div>\n The best way to know is to speak with your bank or home loan advisor. You should also be aware of upfront fees that could dent those Christmas savings.<\/p>\n When comparing home loans<\/a> you should always look at more than just the interest rate. You should take into account upfront and ongoing costs you\u2019re currently paying, or will pay on the new loan, as well as any costs associated with switching loans or banks.<\/p>\n Typical fees and charges may include a settlement fee, loan establishment fee, mortgage registration fee, loan service, and\/or exit fees and charges.<\/p>\n \u00a0<\/p>\n<\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Refinance to save<\/h2>\n
<\/div>\nDo you have a redraw facility?<\/h2>\n
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<\/div>\nWhich approach is right for me?<\/h2>\n