How Our Refinance Comparison Works
1. Review Your Current Loan
Share details about your existing home loan, property value, and what you want to achieve through refinancing. Takes just 2-3 minutes.
2. Get Matched With Refinance Specialists
Our system connects you with mortgage brokers who specialize in refinancing and can identify the best opportunities for savings or equity release.
3. Compare Better Options
Review new loan proposals side-by-side compared to your current loan, with clear breakdowns of potential savings, new features, and any costs involved.
4. Calculate True Savings
Your broker calculates the real benefit after considering all fees, break costs, and new loan features to ensure refinancing makes financial sense.
5. Switch Seamlessly
If refinancing is beneficial, your broker handles all paperwork, discharge of your old loan, and settlement of your new loan with minimal hassle.
Refinance Eligibility
While requirements vary by lender, you’ll generally need:
Property Ownership: You must own the property (sole or joint ownership)
Equity Position: Typically need at least 20% equity (some lenders accept 10%)
Income: Steady employment or business income to service the new loan
Credit History: Good credit history (some lenders consider varied profiles)
Residency: Australian citizen, permanent resident, or eligible visa holder
Current Loan: Must have an existing home loan to refinance
Don’t meet all criteria? Our broker network includes specialist lenders with flexible refinance requirements. We help homeowners with:
- Lower equity positions (10-20%)
- Self-employed income verification
- Varied credit histories
- Multiple property refinancing
- Investment property refinancing
Reasons to Refinance Your Home Loan
| Refinance Goal | Potential Benefit | What to Consider |
|---|---|---|
| Lower Interest Rate | Reduce monthly repayments | Check break costs vs savings, compare total loan cost |
| Unlock Equity | Access cash for renovations/investments | LVR requirements, serviceability on larger loan |
| Consolidate Debt | Single payment, potentially lower overall rate | Longer loan term may cost more over time |
| Switch to Fixed Rate | Payment certainty, protection from rate rises | Less flexibility, break costs if you exit early |
| Better Loan Features | Offset accounts, redraw, flexible repayments | Some features may have higher rates |
| Remove Lenders Mortgage Insurance | Lower costs if equity increased to 20%+ | May need property revaluation |
Frequently Asked Questions About Refinancing
When is the best time to refinance my home loan? Consider refinancing when interest rates drop significantly (0.5%+ lower than your current rate), when your property value has increased substantially (giving you more equity), when your financial situation has improved, or when your current loan’s fixed period is ending.
What are break costs and how do they affect refinancing? Break costs (also called exit fees or discharge fees) are penalties some lenders charge when you exit a fixed-rate loan early. Your broker will calculate these costs and determine if refinancing still makes financial sense despite these fees.
Can I refinance to access equity for renovations or investments? Yes. Refinancing to access equity is common for funding renovations, buying investment properties, or consolidating debt. You’ll need sufficient equity (typically need to maintain at least 80% LVR) and income to service the larger loan amount.
How long does the refinancing process take? The refinancing process typically takes 2-4 weeks from application to settlement. Your broker can often expedite this if needed. Pre-approval usually takes 24-48 hours, while full approval and settlement depend on documentation and property valuations.
Will refinancing affect my credit score? The initial comparison through our soft-check process won’t affect your credit score. However, when you formally apply to refinance, the new lender will conduct a hard credit check which may have a small, temporary impact on your score.
Should I refinance if my property value has dropped? If your property value has decreased, you may have less equity than when you first purchased, which could limit refinancing options or result in Lenders Mortgage Insurance (LMI) charges. However, if you can still achieve significant rate savings or better features, it may still be worthwhile.
Related Resources
Explore these related guides to learn more about refinancing and home loans:
- Home Loans - Compare new home loan options
- Home Renovation Loans - Finance your renovation with equity
- First Home Buyer Guide - Tips for first-time buyers
- Investment Property Finance - Build your portfolio
Switch to a Better Deal
If you haven’t reviewed your home loan recently, you could be missing out on better rates and features. Refinancing can help you reduce monthly repayments, access equity for investments or renovations, or switch to a loan with better features that suit your current needs.