Refinancing
A review of your existing home, commercial or business debt against what the market is offering now, including rate, structure and fees.
Common uses
Better rate or terms
Compare your current loan against other lenders.
Consolidate debt
Combine multiple debts into one repayment.
Restructure
Change loan structure as your circumstances change.
Release equity
Access funds for renovations, investment or business.
What lenders check when you refinance
Refinancing is a new application so the new lender assesses you from scratch. These are the main areas they look at.
Repayment history
Lenders usually check six to twelve months of statements for your existing loan. Missed repayments make refinancing harder.
The property value
A new valuation sets your LVR. If values have risen you may have more equity, and if they have fallen LMI may apply.
Income and expenses
Your current income and expenses are reassessed at today’s assessment rate, which may differ from when you first borrowed.
Break costs and fees
Fixed-rate loans can have break costs, and discharge, government and new lender fees all count.
Loan features
Offset accounts, redraw and repayment flexibility matter as much as the rate.
Cash out
If you want to borrow more as part of the refinance, lenders want to know what the money is for.
WHO IT SUITS
Four steps, one point of contact
Tell us the plan
What you are trying to do and the approximate amount.
Get a straight answer
Whether it is fundable and which lenders suit it.
Compare the options
Rates, structure, fees and conditions side by side.
Through to settlement
Application prepared, submitted and managed.
Fix these first
These are the issues that most often slow an application down, and what to do about each one.
- Break costs not checked
Ask your current lender for a break cost estimate if any part of your loan is fixed.
- Only comparing the rate
Compare fees, features and the comparison rate, not just the headline rate.
- Recent missed repayments
Bring your loan up to date and keep it that way for several months before you refinance.
- Ignoring a retention offer
Ask your current lender for a better rate first. We can still compare it with the market.
- Resetting the term by default
A new 30-year term lowers repayments but can increase the total interest so choose the term deliberately.
How often should I review my loan?
A review every year or two, or after a change in circumstances, is common.
Are there costs to refinance?
There can be discharge, application and valuation fees, and break costs on fixed loans. We will show them before you proceed.
Can I refinance a commercial loan?
Yes. Commercial and business facilities can be refinanced, often alongside a review of the security and structure.
Tell us what you need.
No documents needed to start. Call (02) 7822 0255 or 0481 877 727, or answer a few quick questions.