We are looking to refinance our home loan and want to know if the new loan has to be over 30 years. We have had our loan for 6 years and don’t want to start again. How should we structure a new loan?

You can do a 24 year loan term with the new lender.

However there may be a different loan structure that may be more suitable and this will be determined by your short, medium and longer term goals as well as the rest of your financial situation.

Happy to offer you a free review and advise on the best structure going forward.

Cheers.

Hi Adam

The loan certainly does not have to be for another 30 year loan term, there are also many variables involved to determine the best structure going forward so I would highly suggest speaking with a broker to provide them some more detailed information. This information will include your longer term plans, is the home owner occupied or an investment, fixing versus variable etc. etc.

If you should need any help let me know.

Thanks

Abby

Hi Adam,

As my fellow brokers have mentioned you can certainly refinance your loan to a new bank on the same term (24 years).

Some people opt to refinance over a longer term i.e 30 years and then increase their payments to the amount that will allow them to close the loan off in the required time. They find that this gives them options in the future if something should happen and they want to quickly reduce their payments e.g become unemployed or sick, start a family etc.

A broker will be able to sit with you and go over your current loan setup and then discuss your short and long term goals and provide a solution that is going to help you achieve these goals.

Should you want to chat about your specific situation I am located in Baldivis and happy to meet to discuss.

Thanks
Nathan
Osinski Finance

Hi Adam,

As previously stated, you can most definitely refinance your home loan over 24 year period or even less if you choose to!

Best to speak with your broker or one of us, who can show you some fantastic options for your home loan!

Regards,
Damian Claridge
Evolve Money
0400 787 613
damian@evolvemoney.com.au