Refinance
Lenders that work for you, not the banks
You’ve worked hard to earn your dream home, now it’s time to reassess and make the most of your investment.
With hundreds of loan options, it’s easy to put refinancing in the ‘too hard basket’. Gaining expert advice and committing to informed decisions today can have incredible financial benefits over the life of your loan.
We manage the entire process, working for you, but more importantly, with you, to discover the best loan while ensuring a seamless transition from your current loan.
How we help
We access over 1000+ loan options to compare, find, and negotiate the best rate for you.
We ensure you make well-informed decisions that align with your long-term goals.
We provide ongoing support and check-ins to ensure you have up to date info and the best rate, always.
Our Lenders
Ready to start saving?
Refinancing your mortgage can be a smart financial move that helps you save money and achieve your financial goals. By securing a lower interest rate, you can reduce your monthly payments, potentially saving thousands over the life of your loan.
Refinancing can also provide the opportunity to access your home’s equity for major expenses like home improvements, education, or debt consolidation.
Our team of experts is here to guide you through the refinancing process, ensuring you find the best terms and conditions to suit your needs.
With our personalised approach, you can refinance with confidence, knowing that you’re making a strategic decision to enhance your financial well-being.
Home Loan Guides
If it's your first home, or if it's time to renovate, refinance or invest, we're here to make it happen.
Get started with our free guides:
First Home Buyers Guide
Fixed vs Variable Loans
Interest Rate Rise
Investing Guide
Refinancing Guide
Why Use a Broker Guide
Explore our Calculators
Check out the Money Smart calculator to see how much money and time you could save on your mortgage.
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Frequently asked questions
How often should I refinance?
Consider refinancing your home loan when it makes financial sense, typically every few years or when there’s a significant change in interest rates, your financial situation, or loan terms.
Key indicators for refinancing include lower interest rates, an improved credit score, the desire to switch from a variable to a fixed-rate mortgage (or vice versa), or to tap into home equity.
However, since refinancing involves costs and fees, it’s important to speak to a mortgage broker to ensure you are getting the best possible rate and terms for you.
What costs are involved in refinancing a home loan?
Refinancing a home loan involves several costs, including application fees, appraisal fees, title search and insurance fees, and settlement fees. You might also encounter discharge fees from your current lender and mortgage registration fees for the new loan.
Additionally, if you’re breaking a fixed-rate mortgage early, you could incur break fees. It’s important to work with a mortgage broker to factor in these costs when evaluating the potential savings from refinancing.
Can refinancing affect my credit score?
Yes, refinancing can affect your credit score. When you apply for refinancing, lenders will perform a credit check, which can result in a small, temporary dip in your credit score due to the hard inquiry. Additionally, opening a new loan account and closing your old one can impact the length of your credit history and the average age of your accounts, both of which are factors in your credit score calculation. However, if refinancing helps you secure a lower interest rate and better loan terms, it can ultimately improve your financial stability and positively affect your credit score in the long run.
How much can I save on my home loan if I refinance?
The amount you can save over the length of your loan if you refinance depends on several factors, including the difference between your current interest rate and the new rate, the remaining term of your loan, and the refinancing costs. For example, if you have a $300,000 loan at a 4% interest rate and refinance to a 3% rate, you could save approximately $50,000 in interest over 30 years. If you’re looking to refinance, speak to one of our mortgage brokers on 5264 7700.
How often can I refinance my home loan?
There is no strict limit on how often you can refinance your home loan, but it’s important to consider the costs and benefits each time you do. Refinancing too frequently can incur significant costs such as application fees, appraisal fees, and settlement fees, which can offset the potential savings from a lower interest rate. It’s generally recommended to refinance when you can secure a significantly better rate, improve your loan terms, or access home equity, and when the savings outweigh the costs.
As a rule of thumb, reviewing your mortgage every few years or when there are major changes in interest rates or your financial situation can help you determine the right timing for refinancing.
What are the tax implications of refinancing?
The tax implications of refinancing your home loan can vary based on how you use the funds. In Australia, if you refinance to lower your interest rate or change the loan term, there are generally no direct tax consequences. However, if you refinance to access equity and use the funds for investment purposes, such as buying an investment property or shares, the interest on that portion of the loan may be tax-deductible.
It’s important to keep detailed records of how the refinanced funds are used and to consult with a financial adviser to understand the specific tax implications related to your circumstances.
Is it possible to refinance a fixed-rate mortgage?
Yes, it is possible to refinance a fixed-rate mortgage, but doing so can incur additional costs such as break fees, which are charged by lenders for exiting a fixed-rate loan before the end of the fixed term. These fees can be significant, depending on the remaining term and the difference between the original and current interest rates.
Despite the potential costs, refinancing a fixed-rate mortgage may still be beneficial if you can secure a substantially lower interest rate, improve your loan terms, or need to access equity. It’s important to calculate the total costs and potential savings and consult with a mortgage broker to make an informed decision.
What happens to your old home loan when you refinance?
When you refinance your home loan, your new lender pays off your old loan in full, effectively closing your existing mortgage account. You then start making payments on the new loan, which typically comes with different terms, such as a lower interest rate or different repayment period.
The process involves transferring the mortgage debt from your current lender to the new one, and any remaining balance on the old loan is replaced by the new loan amount. It’s important to speak to a mortgage broker to ensure that all details are finalised and that your old loan is completely settled to avoid any overlap or remaining liabilities.
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