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Refinance home loans 

Get a cheaper, fairer, better deal on your mortgage

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Refinance to a better home loan 

Are you paying too much for your mortgage? Not enough time to compare home loan lenders? Looking for a trusted broker to guide you?  

Welcome to our dedicated home loan and mortgage refinancing hub. My Finance Agent has been providing award-winning, tailored lending advice to Australian borrowers since 2014. When it comes to home loan refinancing, our mission is to help you secure a best-in-market mortgage to suit your needs. 

 

We understand that modern life can be hectic, with countless demands on your schedule. That's why we've streamlined our processes to make the home loan and mortgage refinancing experience as efficient as possible. Our team of experts will help by handling the complexities of finding the right loan, negotiating with lenders, doing the paperwork, and making sure you have quality information to make strong decisions.

 

And it doesn't stop there. At My Finance Agent, we review every home loan annually to ensure that our clients are always getting the best deal. You'll never have to worry that you're paying too much for your home loan ever again. 

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Keep reading to discover...

 

Everything you need to know about refinancing your home loan: 

 

  • The benefits and risks of refinancing an existing mortgage 

  • Different types of refinancing options 

  • Understanding the refinancing home loan process 

  • Answers to common questions about home loan refinancing 

Let's go!

What is a refinance home loan? 

A refinance home loan, sometimes simply called "refi," describes where a borrower replaces their existing mortgage with a new loan. The new loan typically comes with lower repayments, more favourable loan terms or other features.  

 

Refinancing a home loan involves a process similar to obtaining a new mortgage, including a credit check, property valuation, and closing costs.  

 

Don't worry - you won't be going into it alone. Our expert lending team is here to crunch the numbers and help you decide if home loan refinancing is the right option for you. 

Refinance my mortgage Australia

The benefits of refinancing your home loan 

It's common to refinance your home loan when a fixed interest rate term is expiring or when interest rates are on the move. But there may be a host of other good reasons to think about refinancing your mortgage. 

Lower interest rate 

One of the most common reasons to refinance is to secure a lower interest rate. This can lead to reduced monthly mortgage payments and long-term interest savings. 

 

Changing loan terms 

Borrowers may choose to refinance to change the duration of their loan. For example, you might switch from a 30-year mortgage to a 15-year mortgage to pay off the loan faster. 

 

Accessing home equity 

Through a cash-out refinance, homeowners can tap into their home's equity by increasing their loan balance. Cash-out or a line of credit can be used for a variety of purposes, such as home improvements, buying a car, debt consolidation, going on holiday, or investing. 

Switching loan type 

Borrowers may switch between fixed and variable rate options based on their financial goals and market conditions. 

 

Removing Lenders Mortgage Insurance (LMI) 

For borrowers paying LMI because their initial deposit was less than 20%, refinancing can be a way to remove this cost once you have sufficient equity in the property. 

 

Consolidating debt 

Homeowners may use a cash-out refinance to consolidate high-interest debts, such as credit card debt, into their mortgage. This may lower overall interest exposure and simplify multiple debts into one. 

Different types of refinancing options 

Understanding different types of refinancing options can help you choose a strategy that aligns with your financial objectives. Here are some of the common reasons people refinance their home loan: 

Rate and/or term refinance 

  • Objective: Adjust the interest rate or term of the loan for better terms. 

  • Process: Involves replacing the existing mortgage with a new one that has a different interest rate, term, or both. 

  • Benefit: Reduces monthly payments or shortens the loan term, potentially saving on interest over the life of the loan. 

Cash-out or equity release refinance

  • Objective: Access the home's equity as cash for other financial needs. 

  • Process: Refinance the existing mortgage for an amount higher than the current loan balance, and receive the difference as cash. 

  • Benefit: Provides funds for home improvements, debt consolidation, education, or other major expenses. 

Cash-in refinance 

  • Objective: Pay down the existing mortgage balance to achieve better loan terms. 

  • Process: Homeowners bring additional cash to the closing to reduce the loan amount and improve their loan-to-value ratio. 

  • Benefit: Can lead to lower interest rates, reduced monthly payments, or removal of Lenders Mortgage Insurance. 

 

No-Closing-Cost refinance 

  • Objective: Avoid upfront out-of-pocket costs associated with refinancing. 

  • Process: Lender covers closing costs in exchange for a slightly higher interest rate or by rolling the costs into the loan balance. 

  • Benefit: Reduces the immediate financial burden of refinancing, making it more accessible. 

 

Hybrid or split-loan refinance 

  • Objective: Combine aspects of fixed and variable rate options to balance stability and flexibility. 

  • Process: Typically starts with a fixed rate for a certain period, then transitions to an adjustable rate. 

  • Benefit: Initial fixed-rate period offers stability, followed by potential cost savings if interest rates decrease in the future. 

If it's been more than 12 months since you reviewed your home loan, now is the time to do it. In the current environment, lenders are extremely keen to compete for your mortgage and our commitment is to find you the very best deal. 

GREG ROBINSON 

Finance broker

Greg Robinson | My Finance Agent | Best mortgage brokers Australia

Refinance home loan process

Allow us to guide you through the process of refinancing your home loan at a market-leading rate.   

1. Evaluate your financial situation 

We start by reviewing your current situation, including your existing home loan setup, payment history, income, and other financial factors to determine if refinancing aligns with your financial goals. We will not recommend refinancing if we believe it is not in your best interest. 

2. Set clear objectives 

We work with you to define the reasons for refinancing, such as lowering monthly payments, reducing the loan term, accessing cash, or consolidating debt. Your goals will define the lenders and products we include in our research. 

 

3. Research and compare lenders 

Using all of the information gathered above, we'll research our panel of lenders and loan products and come up with a list of recommendations and our analysis, based on your refinancing objectives. 

 

4. Submit your loan application 

We will prepare the loan application for your chosen lender. Our process is streamlined to save you time and effort. 

 

5. Property appraisal and loan processing 

The lender will conduct a property appraisal to determine your home's value. They will also verify your supporting information and assess your loan eligibility. 

 

6. Loan approval 

Once approved, you will receive a formal loan offer detailing the terms and conditions. We help you review the loan terms carefully to ensure that everything is in order before you sign the documents.  

 

7. Loan settlement 

On the date of settlement, your new lender will transfer funds to your old lender and/or disburse any payments to creditors (in the case of debt consolidation refinancing) or any cash components to you (in the case of cash-out refinancing). We make sure that all parties have everything they need so that settlement goes smoothly. 

 

8. Follow up and review 

Most brokers will consider their job done at settlement. At My Finance Agent, we review your loan at one-month post-settlement to check that your first repayment is processed properly and that your loan is operating as it should. At 12 months, and every year as long as your loan is active, we will automatically conduct a loan review to see if we can improve your loan rate or other terms.  

If cost of living pressures are squeezing your budget, refinancing can often save hundreds of dollars a month, especially if you've been paying "loyalty tax" to an overpriced lender.

CHRISTOPHER JONSON

Director and finance broker

Christopher Jonson | My Finance Agent | Best mortgage brokers Australia

Frequently asked questions about refinance home loans 

How long before my fixed rate home loan expires should I look at refinancing?  

It's best to start exploring refinancing options for your fixed-rate home loan well in advance, typically around three to six months before your fixed rate expires. This allows ample time to evaluate your options, compare offers from different lenders, and make an informed decision. However, if your rate is expiring sooner, that's ok too. We work with a number of lenders who turn around refinance applications in as short as 24 hours. 

 

What are the costs associated with home loan refinancing? 

Refinancing a home loan in Australia may entail several costs, including loan establishment fees, discharge fees for closing the existing loan, and settlement fees for setting up the new loan. Lenders may also charge valuation fees to assess the property's current worth, as well as legal fees for the preparation and registration of mortgage documents. Additionally, there may be government charges, such as mortgage registration fees and stamp duty, depending on the state or territory. We consider all of these expenses when evaluating the potential benefits of refinancing, ensuring that the savings and improved loan terms justify the costs.  

 

Can I refinance my home loan with missed payments or bad credit?  

Refinancing a home loan in Australia with missed payments or bad credit can be challenging, but not impossible. A history of missed payments or poor credit can affect approval and terms. However, some specialist lenders may offer refinancing options designed for borrowers with less-than-perfect credit. These options often come with higher interest rates or additional requirements. We may be able to work with you on improving your credit rating and financial situation before seeking refinancing. 

 

What documents do I need for home loan refinancing?  

The required documents for refinancing your home loan typically include proof of identity, such as a driver's license or passport, proof of income, such as recent pay slips and tax returns, and evidence of employment or business ownership. Lenders will also require documents showing your current debts, assets, and liabilities, such as bank statements and existing loan statements. Additionally, you will need property-related documents, such as the current loan contract, recent council rates notice, and insurance details. Don't worry - we have a streamlined process that makes collecting these documents fast and easy.  

What are the current home loan refinance rates?  

Please get in contact to find out the latest rates and lender offers. Lenders are competing heavily for refinance business and we will bend over backwards to find you the best rate among Australia's best lenders.  

Belinda Slater | My Finance Agent | Best mortgage brokers Australia

Your current lender will only show you their own rates. Whereas, we will research our entire panel of lenders and negotiate between them to secure you the best possible rate – not just once, but every year of your mortgage. 

BELINDA SLATER

Finance broker

My Finance Agent Five Star Rated Finance Brokers Australia
My Finance Agent Five Star Rated Finance Brokers Australia
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