Refinancing

Refinancing your home loan in the land down under is a bit like giving your financial house a brilliant makeover. Picture this: You're at the Aussie beach, scanning the horizon for the perfect wave. Similarly, when you refinance, you're scanning the market for competitive rates—riding the financial wave in search of that sweet, money-saving gem. Snagging a lower interest rate is like catching the ultimate wave, cruising toward saving some hard-earned dollars while riding high on financial satisfaction.

Now, let's talk equity—imagine your home as a treasure chest buried in the backyard. With every mortgage payment, you're digging up more of that treasure. Refinancing allows you to open that chest and use the equity to your advantage. It's like unearthing a trove of possibilities—funds for renovations, investments, or even that sought-after camper van for your epic road trip along the coast.

Reduced repayments are like finding a hidden oasis in the Outback. Refinancing can potentially trim those monthly repayments, giving you some extra breathing room in your budget. It's like finding shade on a scorching day—a welcome relief that lets you relax a bit more and enjoy the journey of homeownership without breaking a sweat. Refinancing in Australia isn't just about numbers; it's about unlocking opportunities and enjoying the perks of a revamped financial outlook, all with a sprinkle of that Aussie zest!

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Why refinance?

There are many reasons why people choose to refinance. Lenders rarely reward customers for being loyal, so it’s a good idea to regularly check to see if there is a better-suited loan for you. Some benefits can include:

  • Get down with low rates

    Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.

  • More bells, better whistles

    Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.

  • Debt consolidation

    If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.

  • Free up money for your projects

    Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
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The right time to refinance

Finding a lower interest rate isn’t the only reason why you may choose to refinance your home loan. If it has been more than a year since you last compared your home loan, or your circumstances have changed, it could be a good time to check if you would be better off refinancing. Some other reasons you may consider refinancing include:

Fixed-rate expiring

If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed-rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.

Your equity has grown

If you have been making your home loan repayments, it is likely the equity you own of your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.

Your credit score has improved

If your credit score has changed for the better since you took out your home loan, it is possible you could be eligible for a lower interest rate. It is always worth asking the question.

How to refinance

The thing is, refinancing can be made simple with a broker. Here’s what the process looks like.
  • 1

    Check in

    We’ll take the time to understand your circumstances and goals and review your current mortgage, including any exit fees or additional costs.
  • 2

    Your shortlist

    Next, we compare your loan with others offered by over 60 lenders to see if you could be better off somewhere else. You will receive a shortlist of our recommendations, which may include renegotiating with your current lender.
  • 3

    Take action

    When you’ve made an educated decision, it’s go time. We do the legwork for you from application to settlement. We then regularly check in to make sure your loan is still working hard for you.

FAQs about refinancing

Refinancing can help you secure a lower interest rate on your home loan, consolidate debts or even pay off your loan faster. However, there are some hidden fees. These include the discharge, application and settlement fees.

In almost all scenarios you are not required to pay a fee for our services. Instead, we’re paid a commission by the lender you choose through. Learn more here and get in touch if you have any questions.

With over 60 lenders, you and I are spoiled for choice. I narrow my search down through talking to you about your wants and needs. I will show you your options, listing the pros and cons of each loan and ultimately we will come to a decision together.

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