Refinancing or consolidation
Understand replacing a loan or combining several debts and which costs to compare before making a decision.
Which option do you want to explore?
Refinancing one loan
Replace an existing loan with a new one. Compare interest, the remaining term, fees and the total amount repayable to understand whether the new offer fits your budget.
Consolidating several debts
Combine several debts into one loan with a monthly payment. Check which loans can be included and how the old obligations will be repaid and closed.
Compare the total cost, as well as the payment
- The outstanding balance and all remaining payments for each current loan.
- APR, interest type, term and total amount repayable under the new offer.
- Costs of closing old loans and arranging the new one, including insurance or collateral costs where applicable.
- The monthly payment in relation to income, essential expenses and an emergency buffer.
A lower payment achieved by extending the term may mean a higher total cost. Refinancing does not guarantee savings.
What to prepare
- Contracts and repayment schedules for your current loans.
- Updated balances, payments, remaining terms and details of any arrears.
- Your identity document and information about income and other payment obligations.
- For a secured loan, information about the property and existing collateral.
This list is indicative. The financial institution determines the documents and conditions required for your circumstances.
How the assessment works
- List your loans and define your goal: monthly payment, total cost or managing repayments.
- Compare current terms with the new offer and ask for clarification of every cost.
- The financial institution assesses income, obligations and credit history and decides whether to approve the application.
- If you accept an approved offer, confirm repayment and closure of the old loans according to the contracts.
Who makes the decision
Finovo helps you prepare your application. Approval, interest and final terms are determined by the financial institution. A calculator estimate is not an offer or confirmation of eligibility.
Frequently asked questions
Clarifications before you continue.
Will I definitely pay less?
No. Compare the remaining cost of current loans with all payments and costs of the new offer. Lower interest or a smaller payment alone does not establish savings.
Can I refinance if I have arrears?
Arrears may affect the assessment and approval is not guaranteed. If you are struggling with payments, also speak to your current lender about available options.
When do I stop paying the old instalments?
Keep meeting existing obligations until you receive confirmation of repayment and instructions from the lender. Submitting a new application does not close current loans.
The next step
Preparing an application takes only a few minutes.