Refinancing your home loan in Australia can provide you with a range of benefits, including the opportunity to reduce your interest rate, access equity in your home, and consolidate debt. If you’re considering refinancing, it’s important to understand the different types of properties that are eligible for refinancing.
- Owner-occupied properties
Owner-occupied properties are homes that you live in as your primary residence. These properties are eligible for refinancing in Australia, and refinancing an owner-occupied property can provide you with a range of benefits, such as lower interest rates, better loan terms, and access to equity in your home.
If you’re looking to refinance your owner-occupied property, it’s important to shop around for the best deals and ensure that you meet the eligibility criteria for refinancing, such as having a good credit score, stable income and employment, and sufficient equity in your home.
- Investment properties
Investment properties are homes that you own but do not live in, such as rental properties. Refinancing an investment property can provide you with a range of benefits, such as accessing equity in your home to purchase additional investment properties or making improvements to your existing property.
However, refinancing an investment property can be more challenging than refinancing an owner-occupied property, as lenders may view investment properties as a higher risk. To be eligible for refinancing an investment property in Australia, you’ll typically need to have a good credit score, a stable rental income, and sufficient equity in your property.
- Land
If you own land in Australia, you may be able to refinance your loan to access equity in your property or to finance the construction of a new home. However, refinancing land can be more challenging than refinancing a home, as lenders may view land as a higher risk.
To be eligible for refinancing land in Australia, you’ll typically need to have a good credit score, stable income, and sufficient equity in your property. It’s also important to note that refinancing land may come with higher interest rates and fees than refinancing a home or investment property.
- Holiday homes
Holiday homes are properties that you own but do not live in full-time, such as beach houses or cabins. Refinancing a holiday home can provide you with a range of benefits, such as accessing equity in your property to fund renovations or purchasing additional holiday properties.
To be eligible for refinancing a holiday home in Australia, you’ll typically need to meet similar eligibility criteria as refinancing an investment property, such as having a good credit score, stable income, and sufficient equity in your property.
