Refinancing your home loan is when you change your existing home loan to a new home loan with a different lender. The reason is usually to obtain one or a combination of; a lower interest rate,  lower payments, or additional funds.

When refinancing their home loan, many clients take this opportunity to use the equity in their home to increase their home loan limit to cover current and future finance needs.

A home refinance loan from a refinance specialist like Money Ideas creates options and financial flexibility.

Many lenders have an equity loan product that will allow you to refinance your home loan, lower your current payments, but at the same time allowing you to increase your home loan balance so that if you need finance at a later date it can be obtained using a redraw facility, usually within forty eight hours, without the need for finance approval again.

In other words, if you are not happy with your current lender because of service or because you want a better home loan, then, while you are changing your lender through Money Ideas you might decide to borrow an extra $30,000 to cover the new car and holiday that you have planned for next year. Money Ideas will help you structure your new loan so that you are not charged any interest, or your payments increase, on the extra $30,000 until you decide to use all or part of it.

Next year when you want some (or all) of the $30,000, just sign a simple form and the funds will be put into your bank account within 48 hours. No application or approval required. Some conditions apply to redraw such as your home loan should not be in arrears when a redraw is requested.