Rate check
Your rate is higher than what lenders are offering new customers.
Refinance to a better home loan.
If you haven't reviewed your home loan in a couple of years, you may be paying more than new customers. We compare your loan against 50+ lenders, show you the savings after costs, and manage the switch.
Who it suits
Fixed rate ending
Your fixed rate is about to roll onto a higher variable rate.
Release equity
You want money for a renovation, investment or other purpose.
Restructure
Add an offset, split the loan or consolidate debts.
How it works
- Send us your latest loan statement and tell us what you want to achieve.
- We compare your loan with current offers and work out the savings after switching costs.
- If switching makes sense, we handle the application and valuation.
- The new lender pays out your old loan at settlement.
- We check in each year to make sure your rate stays competitive.
What lenders look at
- Your current loan balance and the property's value
- Your income and expenses today, not when you first borrowed
- Any fixed rate break costs
- Your repayment history
- What you want to use any extra funds for
Good to know
Ask your current lender first
Sometimes your lender will lower your rate to keep you. We can help you ask, and compare their offer with others.
Count all the costs
Discharge fees, government fees, any break costs and new loan fees all reduce the saving. We show the break-even point.
Watch for mortgage insurance
If you owe more than 80% of your home's value, a new lender may charge mortgage insurance again.
Common questions
How much does it cost to refinance?
Typically a few hundred to around a thousand dollars in discharge and government fees, plus any fixed rate break costs. Some lenders offer cashback that offsets this.
Will refinancing affect my credit score?
A new application appears on your credit file. One well-prepared application has a small effect; several applications in a short time can have more.
How long does refinancing take?
Usually 2 to 4 weeks from application to settlement, depending on the lenders involved.
Related
General information only, not credit, tax or financial advice. Every lender has its own criteria and approval is never guaranteed.
Talk to us about refinancing.
Free, no-obligation chat in person, by phone or by video.