Refinancers FAQs

Q. Why should you consider refinancing your home loan?
Refinancing lets you change your home loan as your circumstances change. The home loan market also changes constantly and new products come on the market with different features & benefits. So, it may be worth having a regular Home Loan Health Check to ensure that your home loan best suits your circumstances. G&C Mutual Bank has a broad range of competitive loans to help you achieve your financial goals with great features and low upfront and ongoing fees.

Contact G&C Mutual Bank on 1300 364 400 today to speak to one of our Mortgage Consultants or visit one of our Service Centres to get an understanding of how refinancing your loan can help you.

Q. What is a Home Loan Health Check?
The Home Loan Health Check is a free discussion between you and our Mortgage Consultant to help you save money on your existing home loan, or find out how we can assist you with a loan more suited to your changing needs. If you are paying a high interest rate, excess fees, if you are frustrated by poor service, or if your financial circumstances have changed, it’s time for home loan health check.

Contact G&C Mutual Bank on 1300 364 400 today to book your free home loan health check or visit one of our Service Centres.

Q. How does refinancing work?
When you refinance, the funds from the new loan are used to pay out your current loan or any other debt that you may wish to be paid off. The new loan comes with a new set of features and benefits. Refinancing works in much the same way as applying for your original loan. Once your loan is approved, G&C Mutual Bank will pay out your current loan on your behalf and you can commence repayments on the new loan.

Q. Do I need to contact my old lender?
You need not contact your old lender at all – we can do that for you. You can give us your permission to deal with them directly, making the change easier for you.

Q. How will refinancing benefit me?
Refinancing can be a smart way to manage your money. You may want to refinance to:

  • Ease your cash flow by getting a better interest rate and this may reduce your monthly repayments.
  • Pay off your loan faster by using more flexible payment options.
  • De-complicate your debt situation by consolidating credit cards, personal loans or any other debt into one single home loan.
  • Free up extra cash by unlocking the equity in your current property to finance a renovation, purchase an investment property or new car.
  • Give you flexibility to adapt to the changes in your life.

Q. Can I consolidate my credit card or other debts into a home loan?
Yes you can pay off your debts such as credit cards, consolidate any other loans you may have into one single home loan.

Q. What do I need to consider when refinancing?
A. It is important to understand your options and any costs associated with refinancing. There are a number of fees or charges you should be aware of, especially if your current home loan has a fixed interest rate. For example:

  • Legal & government costs relating to discharging your current mortgage & registering your new one
  • Application fees
  • Exit or break fees
  • Charges for loan features such as redraw

However when done properly under the right circumstances, loan refinancing can be very beneficial.

Contact G&C Mutual Bank on 1300 364 400 today to speak to one of our Mortgage Consultants and find out how we can help you find the best solution for your current circumstances.